Thrift+ receives £950k investment
May 26, 2020
Online charity retailer Thrift+ has secured a £950k impact investment from a group of angel investors to further develop its on-demand clothing donation service.
The funding round was led by the Triple Point Impact EIS fund with the participation of angel investors from two prominent impact investment syndicates: ClearlySo Impact Angels and Green Angel Syndicate.
Founded by Joe Metcalfe in 2014, the business receives clothing donations from both individuals and businesses and uses an online platform to sell them online. Sales are split equally between Thrift+, the donor, and their chosen charity.
Since the lockdown started, Thrift+ has seen a surge in demand for its nationwide home collection service as store closures meant people were unable to donate in the normal way to high street charity shops.
CEO Joe Metcalfe estimates that over 50,000 bags of unwanted clothing are donated every day in London alone. These generate over £1.4bn of sales in high street charity shops.
He said: “Our home collection service is allowing people to continue to donate while staying safe at home, and to choose the specific cause that resonates with them right now.”
The business, which is currently operating out of a third-party fulfilment centre in Northampton, plans to open its own 30,000 sq ft facility soon. The operations are supported by automation and computer vision to minimise costs and allow rapid growth.
“This funding will enable us to scale our operations. We already have the site, staff, supply, and demand. Now we have the funds,” Metcalfe continued.
Thrift+ has raised over £150,000 for registered UK charities in the past 12 months and diverted tens of thousands of items from landfill. The startup was chosen to take part in Farfetch’s Dream Assembly accelerator programme last year, culminating in a partnership with the luxury e-tailer.
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