Female-founded fashion rental marketplace from London, HURR, has just bagged €4.7 million, empowering women to extend the lifespan of their wardrobes. The funding round was led by Octopus Ventures, which has previously backed other circular economy leaders (including Depop and OLIO), with participation from D4 Ventures and Ascension.
On a mission to redefine fashion ownership, HURR has been pioneering the rental revolution in the UK since its 2019 launch. The company was one of our sustainable fashion disruptors to watch for 2021.
With a vision to make fashion more sustainable and circular, the startup offers shortcuts to having a sustainable and on-trend wardrobe, through renting, monthly refreshes and/or purchasing pre-owned clothing. HURR wants to empower its community to extend the lifespan and usability of its clothes, and look good while doing it.
The retail tech business is certainly providing an innovative development in the move to circular and sustainable fashion.
The young company has built a unique hybrid business model that comprises peer-to-peer fashion rentals, direct partnerships with more than 85 exclusive fashion partners, as well as a recently launched white-label service, which powers rental for leading retailers such as Selfridges Rental.
Not only does the company operate through their online platform, but they also have a physical space in Selfridges London, and this year has also secured a partnership with resale fashion platform Depop.
Victoria Prew, CEO and founder of HURR, said: “I am absolutely convinced that the future of fashion is circular, and we are proud to be at the forefront of this accelerating consumer shift. In the UK alone, customers spend £2.7 billion on outfits they wear just once while more than $400 billion of clothing is discarded across the globe each year – another shocking statistic. As a millennial, I’m part of a generation that loves shared ownership. We’ve all witnessed the rise of disruptive tech-first businesses such as Airbnb and Uber and if we can rent our houses and cars, why not our wardrobes.”
With the fashion industry increasingly moving towards a circular model, the fresh funding boost will be used by the fashion innovators to significantly scale up as it disrupts the trillion-dollar market of women’s fashion across the globe.