Amsterdam, The Netherlands - Dutch company 'The Next Closet' has raised €3m in growth capital from 4impact, the Borski Fund and existing investors, including PDENH.
About The Next Closet
Entrepreneurial duo Lieke Pijpers and Thalita van Ogtrop started Holland's first fashion resale platform that connects the closets of women - including Carice van Houten, Thekla Reuten, and Linda Tol - and vintage boutiques across the Benelux. The Next Closet already gave a quarter of a million items a second, and sometimes even third, life.
Thalita van Ogtrop, founder and CEO of The Next Closet: "If we could all share our closets, we would never have to buy something new again. This way, we can end the huge accumulation of clothing that the fashion industry produces every year."
The female-founded platform has recently strengthened its management team with Peter Koning (COO), previously at OLX, a global network of leading marketplaces, and has recently appointed Suzanne Kats (CCO), former Sr. Director of Global Brand Strategy at Tommy Hilfiger. Together the team will use the funds to attract more talent, strengthen its position and accelerate growth.
Impact in the fashion industry
The fashion industry is the second biggest polluting industry in which every year, 50 billion new, unsold items are thrown away. Thanks to rising awareness and to the Dutch government, who recently announced that brands will be held responsible for the second life of their products through the product responsibility (UPV) for textiles, the demand for second-hand fashion is expected to double the fast-fashion market in the next ten years.
The capital raise of €3m allows The Next Closet to tap into the exploding demand and a market for second-hand clothing that is expected to grow twelve times as fast as the general fashion market. By putting quality above quantity, the company contributes to the international UN-climate goals.
Co-founder Lieke Pijpers says: "Our customers value us because of our sustainable and local approach. With this investment, we can create the tools that will help people make even more sustainable choices."
Pauline Wink from 4impact: "The Next Closet is a frontrunner in promoting luxury resale. With their local approach and automated platform, the company is outstandingly positioned to change our purchasing habits and contribute to the circular economy."
Bertrand van Leersum of Borski Fund adds: "We invest in sustainable technology-driven solutions. This diverse, female-leaded team creates a better future in a market that's explosively growing."