UK-based fashion peer-to-peer start-up NOLD has secured € 1 million in seed funding, with Tilia Impact Ventures taking the lead and backing from a consortium of venture capital and strategic investors, including Depo Ventures, Czech Founders, Sofia Angels Ventures, New Vision 3, and four angel investors. NOLD is on a mission to promote a circular economy within the fashion industry, particularly by assisting sustainable, premium luxury brands in creating new revenue channels through the resale of second-hand fashion items. This platform is slated for launch in Q1 2024, with a primary focus on the UK market.
NOLD’s central objective revolves around minimizing the significant environmental impact of the fashion sector. Positioned as a user-friendly fashion resale platform, NOLD empowers sustainable, premium, and entry-luxury brands to augment their revenue by tapping into the second-hand market. The pre-loved hub on its website includes top brands like Miu-Miu, Stella McCartney, Moncler and more.
Brands opting for NOLD’s platform need to provide their product database and in return, they can earn either 10 per cent of the resale value in net profit or 90 per cent in revenue, depending on the seller’s preference. NOLD’s resale model yields a remarkable 65 per cent displacement rate, contributing to substantial water conservation and reduced CO2eq emissions, thus significantly lowering the industry’s environmental footprint.
