eBay expands Circular Fashion Fund, Committing $1.2mn Investment by 2025
eBay, a leading global platform for new and pre-loved fashion, announced the global expansion of its Circular Fashion Fund (CFF), designed to support start-ups in the circular fashion economy. With this initiative, eBay is committing $1.2 million by the end of 2025 to help scale businesses that are innovating around fashion’s sustainability challenges, including rental, repair, and recycling solutions.
Since its inception in the UK in 2022, the CFF has already supported 15 businesses, including The Seam, which offers garment care and repair services, and RCYCL, known for its innovative at-home fashion recycling program. Following its expansion into Australia last year, the fund will now be available in the U.S. and Germany for the first time, in collaboration with key fashion councils including the British Fashion Council, Council of Fashion Designers of America (CFDA), Fashion Council Germany, and the Australian Fashion Council.
Global Expansion for Circular Solutions
The Circular Fashion Fund aims to revolutionize the fashion industry by backing startups that bring fresh technology and services to market, transforming how consumers think and shop. Through this fund, fashion startups have the opportunity to receive not only financial backing but also over 200 hours of mentoring and networking with industry experts.
Kirsty Keoghan, eBay’s Global GM of Fashion, stated, “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. Together, we’re making a positive impact on the circular economy and truly reshaping the future of fashion.”
Prizes and Mentorship
In the U.S., the Fund will award $50,000 to one winner, with two runner-ups receiving $25,000 each. All finalists will benefit from mentorship, educational workshops, and networking opportunities. One global finalist will be awarded the title of “Circular Fashion Innovator of the Year,” along with an additional $300,000 investment from eBay Ventures.
Judges for the U.S. edition include industry leaders such as Brittany Sierra, Founder of the Sustainable Fashion Forum; Jacques Agbobly, Designer and Founder of Agbobly; and Steven Kolb, CEO of the CFDA.
Commitment to Sustainability
Steven Kolb of the CFDA remarked, “eBay’s 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.”
Applications are open through November 15, 2024. Aspiring startups can apply via eBay’s website to participate in this transformative program.
About eBay
Founded in 1995, eBay Inc. (Nasdaq: EBAY) is a global commerce leader connecting millions of buyers and sellers across 190 markets, empowering them to create economic opportunity through its online marketplace. For more information, visit www.ebayinc.com.
About CFDA
The Council of Fashion Designers of America (CFDA) is a not-for-profit trade association supporting over 420 of America’s foremost fashion designers. Their initiatives focus on Diversity, Equity, and Inclusion, as well as sustainability in fashion.
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