By Rotation raises £2.55m in seed funding to scale rapid growth
Social fashion rental platform By Rotation has raised £2.55 million ($3 million) in seed funding in a bid to pursue and scale rapid growth.
Founder Eshita Kabra launched By Rotation in October 2019 and has since built a fast-growing community of over 200,000 lenders and renters across the UK.
By Rotation is UK's first and only digital fashion rental app that is purely peer-to-peer. The app enables its users to calculate the carbon emissions they will save by renting clothes, rather than purchasing the item.
The app has become a source of secondary income for many of its users, with some making over £2,500 per month lending out their wardrobes, according to By Rotation. Features such as the Lender Activity were brought in to encourage more strategic spending habits, as users can easily track which styles and brands are generating the most income.
Investors include Redrice Ventures, Closed Loop Partners, True Global, Magnus Rausing, Bill Holroyd CBE, DL, June Angelides MBE, Dinika Mahtani (Principal at Cherry VC) and Riccardo Pozzoli.
Tom March, the founder of lead investor Redrice Ventures, which has backed other consumer tech marketplaces, said: "By Rotation's P2P focus allows for an obsessive commitment to serving its community. Above all, what truly binds this purpose-driven community is a shared thirst for joy - there is a deficit of hope out there, so time for ‘Rotators’ to spread the joy."
Investor June Angelides MBE adds: “As an early user of By Rotation, I have seen first hand how the By Rotation community has grown and how the way we experience fashion has changed for the better. I love learning about the latest trends from other Rotators and sharing how I wore their outfits. By Rotation is the future of fashion and it's truly circular.”