CASCADE LOCKS, Ore. (BRAIN) — The Renewal Workshop, which helps brands including Pearl Izumi, Osprey, Timbuk 2, and The North Face run used clothing programs, has raised $5.5 million in Series A financing and announced it is expanding into Europe.
The investment round was led by European venture capital and impact investors Social Impact Ventures, SHIFT Invest, and Quadia, with participation from existing US investors Closed Loop Ventures, Gratitude Railroad, Portland Seed Fund, and High Meadows Investment Group.
The company manages the collection, renewal, and sales of damaged or used garments, including the back-end of the brand's recommerce sites.
Brand partners receive impact data on the amount of water, carbon, and chemicals that are saved through their partnership.
"The Renewal Workshop has proven their circular model for renewal and recommerce can not only drive sales and customer engagement for brands but also have significant environmental impact. As investors we were drawn to this strong alignment between commerce and impact and are excited to see The Renewal Workshop scale up," said Eske Scavenius, the senior investment manager of Social Impact Ventures.
Co-founders Nicole Bassett and Jeff Denby built the first renewal facility in 2016.
With the investment, The Renewal Workshop opened its first European renewal facility, in Amsterdam.
"Production is already underway at our Amsterdam facility, and we are thrilled to serve a strong pipeline of European brands eager to transition to circular business models," said co-founder Jeff Denby, who will lead European operations and be based in Amsterdam. Co-founder Nicole Bassett will ead US operations as the company continues to expand in Oregon.
