Thrift+ announces £950k impact investment
The online charity retailer, Thrift+, today announced the closure of a £950k impact investment into their ‘on-demand clothing donation service’.
Thrift+ ‘makes it easy to donate your best second-hand clothes to your favourite charity’, filling the gap for the 150,000 charities in the UK that do not operate high street shops, but which can now benefit from the funds generated from their supporters’ unwanted clothing.
In response to the Covid-19 crisis, Thrift+ has seen a surge in demand for their nationwide home collection service, with people staying at home and unable to donate in the normal way to high street charity shops.
Joe Metcalfe, CEO, estimates that over 50,000 bags of clothing are donated every single day in London alone. These generate over £1.4bn of sales in high street charity shops.
“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.”
Thrift+ has developed the logistics, operations, and technology to rapidly process and upload large volumes of clothing. The operations are supported by automation and computer vision to minimise costs and allow rapid growth. Currently operating out of a partner 3PL warehouse in Northampton, the company’s operations will soon be moving to their own 30,000 sqft facility.
“This funding will enable us to scale our operations. We already have the site, staff, supply, and demand. Now we have the funds.”
The funding round is led by the Triple Point Impact EIS fund which invests in fast growing, innovative companies that have a measurable positive impact on society. Thrift+ is further supported by angel investors from two prominent impact investment syndicates: ClearlySo Impact Angels; and Green Angel Syndicate.
“We are delighted to be supported by investors who share our values, and who are judging us on both our social impact, as well as our financial return.”
After filming for BBC’s Dragons’ Den last August, the company will be featured on the show this coming Sunday 12 August. Tune in at 9pm to see how they get on!
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Thrift+ is a clothing donation service and online retailer. The company accepts clothing from both individuals and businesses, then sorts, photographs & uploads, before selling online. Sales are split equally between Thrift+, the donor, and their chosen charity. Funds can be directed to any UK registered charity.
The company was founded by Joe Metcalfe, CEO, and Poppy Beer, CTO, who are supported by 3 head office staff, and 6 warehouse staff uploading up to 10,000 items each month.
In the past 12 months, the business has raised over £150,000 for charity and diverted 10s of thousands of items from landfill.
Contact: Joe Metcalfe at firstname.lastname@example.org