Peer-to-peer platform NOLD raises €1 million to “power next generation of fashion resale”

Ahead of its new pre-loved fashion peer-to-peer marketplace launch, tech company NOLD has raised €1 million in a recent seed round.

The funding, led by Tilia Impact Ventures and supported by Depo Ventures, Czech Founders, Sofia Angels Ventures, New Vision 3 and four angel investors, is set to play a "pivotal role" in advancing the company's brand-new product and facilitating its rapid adoption.

Scheduled for launch in Q1 2024, with a primary focus on the UK market, NOLD (new + old) has a vision to "transform the fashion industry by closing the loop between fashion brand and consumers, in order to offer an unparalleled resale experience for all participants”.

The company's core mission revolves around mitigating the impact of the fashion industry, which ranks among the world’s biggest polluters. It promotes the principles of the circular economy, where producing less uses fewer resources.

Each resale transaction will contribute to a net positive climate effect by preventing new resource consumption and waste production, "marking a significant step towards a more eco-conscious sector".

The company's overarching goal is to steer the retail industry away from excessive production by utilising all existing inventory in a peer-to-peer platform that benefits brands, users, and the planet.

To accomplish this, NOLD will follow a business model that is both commercially sustainable and environmentally responsible.

The platform will offer a "super exclusive" selection, as users can now sign up for pre-loved curation of brands like Tory Burch, Ralph Lauren, Shrimps, BY FAR, Christopher Kane - "making it a go-to destination for fashion enthusiasts seeking conscious and cost-efficient luxury".

NOLD aims to help sustainable, premium, and entry-luxury brands in generating an additional revenue stream by monetising the second-hand market.

Brands only need to supply their product database and, in return, will capture either 10% of the resale value in net profit or 90% in revenue, depending on what payout alternative the seller chooses.

To support its efforts with data, NOLD has partnered with Impact of Fashion (iof.earth), a data-driven software specialising in assessing the environmental impact of fashion. The partnership will help brands to understand and take ownership of their resale market's impact.

In pursuit of these ambitious goals, NOLD benefits from the guidance of an advisory board, comprising five professionals:

• Léon Evers, Director Brand Office Operations at Tommy Hilfiger.
• Alexis Cepeda Maule, Managing Director UK & Europe at Reformation.
• Dax Lovegrove, Former Director of Sustainability at Jimmy Choo, and Versace, and Former Chief Sustainability Officer at Swarovski, currently Head of Sustainability at Salterbaxter.
• Maÿlis Buonomo, Former Head of Social Impact & Sustainability Communication at Chloé.
• Justine Liu, Former President & Chief Merchant at Girlfriend Collective, and Former Director of Brand Marketing at Reformation.

“We are strongly convinced that adopting circularity, especially by actively participating in the resale market, is not just a passing trend but a necessity. Circular fashion is undeniably the path forward, and we are committed to leading this transformation,” the company commented.

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