Responsible, a technology company to fight for a circular future and creators of the world’s first embedded finance platform in fashion, raised a US $6.6 million Seed Round of investment capital.
This round of funding will be used to expand the company’s reach throughout Europe and extend its network of brand partnerships. This marks the largest seed round of capital to be secured to date within the reCommerce sector, giving Responsible the opportunity to make a meaningful change in the industry.
Led by Barclays Sustainable Impact Capital and Techstart Ventures, participants include InPost founder Rafał Brzoska and Nextdoor CEO Sarah Friar.
Founded in 2021 by Irish entrepreneur, Mark Dowds and Australian, Mitch Doust, Responsible is on a mission to help solve fashion’s sustainability problem with a new premium take on reCommerce that will open the category to end-customers and brands alike.
“We are enabling brands to not only become accountable for everything they produce, but also to financially benefit from a more circular and sustainable business model. Data sources like Black Book and Glass’s Guide transformed the automotive industry, we plan to do the same in fashion,” said Mark Dowds.
Responsible have developed a technology solution called Buy Back that can be easily integrated into a brand’s eCommerce and physical stores. The technology is integrated at the point of purchase to inform shoppers of the residual value of the item they are about to buy. The shopper is free to wear the garment and return the product at any point in the future in exchange for credit at the Buy Back price stated at purchase.
The Buy Back plugin is immediately available within the Shopify eco-system and will soon support other eCommerce Platforms. Not only does RESPONSIBLE provide their technology to fashion brands to keep products in circulation, but they also provide the infrastructure and operational capability to ensure this remains a seamless and low-touch way for brands to embrace a circular future.
