Loopster, the online platform which closes the loop between the use and reuse of second-hand clothes, has secured a six-figure seed equity funding round led by the Development Bank of Wales.
Jordan Thomas, from Capital Law’s corporate team, advised Loopster on the investment.
Investing alongside the Development Bank is business angel Jim Lewcock, who owns the internet-focused venture capital Blue14, and experienced non-executive director and angel investor Kate Methuen-Ley.
Starting with children’s wear, Loopster offers customers a quick, sustainable and convenient way to buy and sell quality second-hand clothes. Following the success of their children’s clothing service, Loopster are now scaling up to include womenswear on their platform.
The investment will help Loopster to further develop and commercialise their technology, enabling their platform to catalogue second-hand clothes faster. The Newport-based company will also use the funding to recruit six members of staff. This process is currently underway.
You can read more about the deal here.