Luxury pre-owned marketplace Open for Vintage has announced the launch of a £1.5 million capital raise, including a public crowdfunding campaign powered by Seedrs.
Founded by Irish entrepreneurs Colin Saunders and James Loftus, Open for Vintage connects customers with one of the largest collections of designer vintage merchandise from boutiques around the world.
The investment aims to help drive the growth of community and engagement in the UK and US markets by strategically expanding marketing activity.
The business is raising an initial £400,000 on leading crowdfunding platform, Seedrs, unlocking a unique opportunity for community members to join the Open for Vintage mission by investing upwards of £10.
The sustainable marketplace connects shoppers to more than £50 million of pre-owned designer handbags, jewellery, accessories and watches through its innovative platform.
By connecting customers directly to independent boutiques, and not holding stock, Open for Vintage operates a capital light model that sets the business apart from competitors.
With an emphasis on enhancing its circular fashion offering, the business recently launched a Repair and Restore service. This allows customers to book in handbag repairs directly via the website.
To support future innovation, Open for Vintage recently welcomed ex-VP of Strategy and Innovation at Farfetch, David Grunwald to the governance board.
The public crowdfunding campaign is now live.