Sustainable tech firm secures adidas investment in $2.9m seed funding round
A tech firm committed to providing a solution to consumer waste has secured $2.9m in a seed funding round.
Stuffstr, which specialises in maximising the lifetime use of consumer products, received investment in a round led by venture capital firm Mustard Seed, with participation from adidas Ventures and the London Co-Investment Fund.
Founded by John Atcheson, Stuffstr aims to match things that individuals are not using to organisations, as part of its vision to ensure there is ‘No Unused Stuff’.
Stuffstr CEO and founder John Atcheson commented: “This is a crucially challenging time for brands and retailers.
“Recommerce is growing at 21 times the rate of retail, and Stuffstr puts brands and retailers at the heart of this trend in a way that delights customers and builds both profitability and loyalty.”
Commenting on the venture, Mustard Seed’s founding partner Alex Pitt said: “Over $500 billion in value is lost from underutilised and discarded clothing each year.
“Stuffstr’s mission is to unlock this commercial value while significantly reducing the environmental impact associated with wasted apparel. This is a massive and transformative opportunity.”
Looking to promote your product or service? Bdaily Marketing can help you reach a regional business audience. Request our latest Media Pack →