RESPONSIBLE raises $6.6 million to aims to expand fashion technology in Europe
Fashion technology RESPONSIBLE, creators of the world’s first embedded finance platform in fashion, today announced it has raised a $6.6 million Seed Round of investment capital.
RESPONSIBLE said that it would use the funding to make a meaningful change in the fashion industry, aiming to expand its reach in Europe and extend its network of brand partnerships.
The investment was led by Barclays Sustainable Impact Capital and Techstart Ventures and included InPost founder Rafał Brzoska and Nextdoor CEO Sarah Friar.
The company was founded in 2021 by Mark Dowds and Mitch Doust, with a mission to help solve fashion’s sustainability problem by encouraging reCommerce. The company launched streetwear re-commerce platform RESPONSIBLE.US last year and introduced a Buy Back technology solution that it initially launched in partnership with sustainable fashion brand RÆBURN.
The Buy Back plug-in solution can also be integrated into e-commerce and physical stores, with RESPONSIBLE also providing the attached infrastructure and operational capability to fashion brands, it said.
RESPONSIBLE now counts accessories label côte&ciel as well as denim brands Kuyichi and Kings Of Indigo to its rotar of partners and offers some of their product on their re-sale platform, with more to be announced over the coming months.
Andy Challis, co-Head of Principal Investments, Barclays, said: “Innovation in the fashion industry is critical in reducing global carbon emissions, and Barclays is delighted to support RESPONSIBLE as it continues to scale and address this issue. RESPONSIBLE.US has developed an innovative model which enables circularity in the fashion industry.”
Mark Dowds, Founder and CEO, RESPONSIBLE, added: “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.”
Christopher Raeburn, Creative Director, RÆBURN, commented: "We strive to realise compelling, enduring design solutions and build meaningful relationships with those who share our passion for positive change. With this in mind, we are delighted to have established a partnership with RESPONSIBLE who have the potential to be a superb catalyst for change, and whose solution we’re confident will significantly increase the lifespan of RÆBURN garments."