Kidswear start-up The Little Loop gets Dragon's Den investment
A childrenswear start-up has been given a big boost both in terms of publicity and financing by securing backing on the BBC One television series Dragon’s Den.
Charlotte Morley’s new subscription-based children's clothing business The Little Loop has secured £70,000 in financing and support from two of the programme’s ‘Dragons’ Steven Bartlett and Deborah Meaden in return for a 7.5% equity stake in the business.
Mother-of-two Morley received high praise from the group of investors, securing investment offers from all four before accepting the joint offer.
The Little Loop offers a subscription to parents for £18 per month enabling them to swap and share clothes as needed. Operating under the banner ‘the shared wardrobe for kids’, it offers “rent ethical, fun clothes for your children [to] help create a world without clothing waste”.
The website offers a handpicked selection of over 10,000 items “from the best ethical brands”, while claiming “unlimited swaps” to give it offers parents “the clothes they need (and love)”.
It then allows parents to keep the clothes for as long as needed: “when they’re outgrown, out of season, or out of love, swap them for something new”.
Morley said: "This backing from business owners who I truly respect has really validated that belief and given me even more determination to drive my business forward and, in doing so, revolutionise the UK’s approach to clothing children.”
She added: “I’m absolutely thrilled with the outcome. My experience as an entrepreneur has been a true rollercoaster of incredible highs and spirit-breaking lows and I have had to develop the hide of a rhino and an unbreakable belief that what I’m doing is the right thing.”
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