eBay expands Circular Fashion Fund to start-ups, delivering $1.2 million investment by the end of 2025

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Oct 16, 2024, 03:00 ET

eBay partners with British Fashion Council, Council of Fashion Designers of America, Fashion Council Germany and the Australian Fashion Council, to extend its impact across the globe

SAN JOSE, Calif., Oct. 16, 2024 /PRNewswire/ -- eBay, a leading destination for new and pre-loved fashion and luxury, has announced today the global expansion of its Circular Fashion Fund (CFF). The fund is designed to help fashion start-ups scale circular solutions, from production to end-of-life, including rental and repair services. Applications are open from now until November 15, 2024, and innovative tech start-ups and small businesses can apply via eBay's website [here].

Designed to help fashion start-ups scale circular solutions, the eBay Circular Fashion Fund is part of eBay’s commitment to the circular economy. The global expansion extends the fund's reach to invest in businesses that bring new technology and services to the market and help people think and shop differently.

Since it launched in the UK in 2022, the CFF has helped 15 businesses scale their circular solutions including The Seam, which allows businesses to offer garment care & repair services at scale to extend the life of clothes, and RCYCL, creators of the innovative at-home fashion recycling program for unwearable clothing. Now in its third year in the UK, the CFF is set to launch in the US and Germany for the first time having successfully expanded to Australia last year.

As part of eBay's commitment to the circular economy, the global expansion of the CFF extends its reach to invest in businesses that bring new technology and services to the market and help people think and shop differently. eBay is transforming the buying and selling experience so that more brands, sellers and buyers can participate in circular fashion.

The CFF will provide a global investment of $1.2 million to start-ups in the global markets by the end of 2025, and over 200 hours of mentoring and networking support for applicants from industry experts. Past judges have included Hugo Adams, CEO of Kelpi Sustainable Materials and KITX Founder Kit Willow. To further amplify its impact, eBay Ventures will select one winner from the global selection of finalists to become "Circular Fashion Innovator of the Year" and receive an investment of $300,000.

Kirsty Keoghan, Global GM of Fashion at eBay, commented:

"The Circular Fashion Fund is a catalyst for collaboration by combining the global scale and power of established companies like eBay with the creativity and innovation of nimble start-ups. We're not only helping to scale circular solutions but bringing together the most knowledgeable and respected experts in the industry. Together, we're making a positive impact on the circular economy and truly reshaping the future of fashion."

In the US, in partnership with the Council of Fashion Designers of America (CFDA), the Fund will launch for the first time in 2024. The winner in the US market will receive a $50,000 cash prize, whilst the two runner-ups will receive $25,000 respectively. All three finalists will receive bespoke mentoring sessions, educational workshops and networking opportunities.

The winners will be chosen by a judging panel of industry experts across fashion, academia and sustainability. This panel includes:

Brittany Sierra, Founder and CEO of the Sustainable Fashion Forum
Henri Jaanimägi, Global Head of eBay Ventures & Strategic Partnerships
Jacques Agbobly, Designer & Founder, Agbobly
John Bartlett, Director, Parsons Fashion Executive & Professional Studies
Kate Danielsen, eBay Fashion Category Manager
Kirsty Keoghan, Global GM of Fashion at eBay,
Margherita Maccapani Missoni, Founder & Designer, Maccapani
Rachel Cernansky, Sustainability Editor, Vogue Business
Shelly Xu, Founder, Shelly Xu Design
Steven Kolb, CEO of CFDA

Previous winners include Swoperz, which hosts a child-run swapping service for clothing, and Dempstah, a design practice that recycles Australian textile waste into spun yarn in collaboration with a network of international and local textile mills.

Steven Kolb, CEO of CFDA Quote:

"eBay Circular Fashion Fund champions innovative solutions to sustainability in fashion and reflects CFDA's passion for driving change and motivation to reduce fashion's environmental impact. We wholeheartedly support eBay's investment in innovation and education, and their leadership in driving the circular fashion agenda while championing the innovators who are catalysts for positive change."

Vicky Fuller, co-founder of Swoperz and UK 2023 Circular Fashion Fund winner, commented:

"Winning the Circular Fashion Fund has been transformative for Swoperz. It enabled us to partner with new organisations and helped us bring sustainable fashion education to classrooms nationwide and host swap shops at 500 schools. Our book, 'The Swoperz Fashion Show,' has been read 653 times, sparking vital conversations about conscious consumption so we can make sustainable fashion a reality for children. We're grateful to the CFF for amplifying our mission as we work towards a more sustainable fashion future."

About eBay

eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2023, eBay enabled more than $73 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.

About the CFDA:

The Council of Fashion Designers of America, Inc. (CFDA) is a not-for-profit trade association founded in 1962 with a membership of more than 420 of America's foremost womenswear, menswear, jewelry, and accessory designers. Pillars include Diversity, Equity, and Inclusion through the IMPACT initiative, as well as Sustainability in Fashion. The organization provides its Members with timely and relevant thought-leadership and business development support. Emerging designers and students are supported through professional development programming and numerous grant and scholarship opportunities. In addition to hosting the annual CFDA Fashion Awards, the organization owns the Fashion Calendar and is the organizer of the Official New York Fashion Week Schedule. The CFDA Foundation, Inc. is a separate, not-for-profit organized to mobilize the membership to raise funds for charitable causes and engage in civic initiatives.

About Swoperz:

Swoperz was founded by parents. As parents we know how much kids' clothes cost, how fast they outgrow them and how often their style changes. We are also conscious of the global issues of dressing our kids in a sustainable way. We want our kids to be in control of their style but always with a conscience. So, we've created a safe, grownup verified environment where kids can swap their clothes without any worries about the planet or their online safety.

SOURCE eBay Inc.