Ebay has unveiled the global expansion of its Circular Fashion Fund (CFF), aiming to support fashion start-ups with circular business models. By the end of 2025, the e-commerce giant will have committed a total of 1.2 million dollars to foster innovation across markets including the UK, Germany, the US, and Australia. In an added incentive for the 2025 cohort, eBay Ventures, the company's venture capital arm, will award an additional 300,000 dollars to one stand-out business as the "Circular Fashion Innovator of the Year."
Launched in 2022 in the UK, the CFF has already played a pivotal role in scaling 15 businesses, including The Seam, which offers garment repair services at scale, and RCYCL, a home-based fashion recycling service. With its latest expansion, the Fund will make its debut in the US and Germany, having already expanded to Australia last year.
Kirsty Keoghan, eBay's Global General Manager of Fashion, said in a statement: "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 also 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."
Backed by industry leaders such as the British Fashion Council, the Council of Fashion Designers of America, Fashion Council Germany, and the Australian Fashion Council, the CFF is part of eBay's broader commitment to advancing sustainable practices. These partnerships will help drive the Fund's global impact, providing both capital and mentorship to start-ups in key markets.
In addition to financial support, the CFF will offer over 200 hours of mentoring and networking opportunities, led by industry experts. Past judges have included figures such as Hugo Adams, CEO of Kelpi Sustainable Materials, and KITX Founder Kit Willow.
Caroline Rush, CEO of the British Fashion Council, highlighted the Fund's influence on fostering innovation within the industry, saying, "Building on the success of the past two years, we remain focused on boosting excellence and innovation in the British fashion community. Small businesses are integral to building an ecosystem that can create specialised solutions, and we want to help them scale. The Circular Fashion Fund has been a game-changer."
With applications now open until mid-November 2024, eBay is setting the stage for the next wave of innovation in circular fashion, encouraging tech start-ups and small businesses to contribute to a more sustainable future for the industry.