Loopster secures a six-figure seed round from the Development Bank of Wales and angels to scale its resale platform.
The Development Bank of Wales led the investment to help the clothing resale platform expand its team and technology.
Share allotment filed at Companies House
Loopster provides an online platform that facilitates the resale of children and womenswear. The business checks donated garments and sells them at a discount to promote sustainable fashion.
Loopster has secured a six-figure seed investment led by the Development Bank of Wales, with participation from business angel Jim Lewcock through Blue14 and angel investor Kate Methuen-Ley. The Newport-based business will direct the capital towards technical development of its cataloguing technology and recruitment of six new staff members. Founded to extend the lifecycle of garments, the platform inspects and resells children's wear and is expanding into womenswear.
The funding arrives as consumer interest in sustainable fashion increases following recent market surveys. Development Bank of Wales backed the round to support the company's scalable software and hardware solution, while Blue14 noted the firm delivers value-innovation for eco-conscious shoppers.
From the founder
"People are starting to be more conscious of the importance of sustainable clothing. We’ve already seen a 50% increase in sales this financial year as consumers seek out more environmentally conscious fashion options."
Jane Fellner
CEO at Loopster
Investor perspective
"Loopster has a really scalable hardware-software solution that addresses an important need within the babywear and children’s fashion sector. They’re helping clothes have an extra lease of life instead of ending up in landfill, which will have a positive environmental impact. We’re looking forward to working with the team and company as they grow and move in to other fashion retail markets."
Alex Leigh
Technology Investment Executive, Development Bank of Wales
Use of funds
- 01Grow the team
- 02Continue product development