eBay Invests US$ 300,000 In Refiberd To Scale Circular Fashion Solutions
eBay, the global marketplace and leading destination for branded pre-loved fashion, has announced a US$ 300,000 investment in Refiberd as part of its Circular Fashion Fund programme. This funding aims to support fashion startups in scaling circular solutions. Refiberd was also named the winner of eBay’s Circular Fashion Innovator of the Year Award, which recognized 12 pioneering businesses across the UK, US, Germany, and Australia for their contributions to a more circular fashion industry.
Refiberd’s groundbreaking AI technology can identify and accurately sort different fabric types, enabling more efficient recycling processes. By integrating into existing recycling infrastructures, Refiberd’s system ensures that textile waste is processed with the appropriate methods, transforming it into new, usable fibres. The company’s efforts aim to address the industry’s waste-sorting challenges and promote true circularity in fashion.
Since its launch in 2022, the Circular Fashion Fund has supported 27 businesses, with plans to invest a total of US$ 1.2 million by the end of 2025. The fund also provides over 200 hours of mentoring and upskilling from industry experts. In partnership with fashion’s foremost councils, including BFC, CFDA, FCG, and AFC, eBay offers recipients unparalleled access to industry resources and visibility to accelerate their growth.
“eBay has championed recommerce since its inception,” said Alexis Hoopes, VP Global Head of Fashion at eBay. “The Circular Fashion Fund is a critical initiative that supports innovation and sustainability, helping propel the fashion industry towards a circular future.”
Sarika Bajaj, co-founder and CEO of Refiberd
Sarika Bajaj, co-founder and CEO of Refiberd, expressed her gratitude for the support, saying, “This investment from eBay Ventures will help us close a significant round of funding, expand our technology, and accelerate our mission of enabling true textile-to-textile recycling. The mentorship and access to eBay and the CFDA’s networks have already proven invaluable, and with this additional support, we can drive our impact even further.”
As demand for circular fashion grows, with 66% of Gen Z consumers emphasizing the importance of purchasing pre-loved fashion, eBay’s Circular Fashion Fund is poised to play a pivotal role in shaping a more sustainable and circular fashion industry.
