Acasia Angels, a global angel investment group, has joined the 485,000 euros pre-seed investment round in Athens-based retail apparel swap platform Swaplanet, according to a company’s press release.
The startup, launched in 2021, allows parents to swap, pass on and sell the clothes that their babies and children have outgrown.
The same extends to children’s books, toys, and equipment, all of which have short useful lives, and will be available to swap on the platform.
“Our role starts from the moment a human is born, creating positive habits that will accompany them throughout their lives: sharing what is no longer needed with other humans and reducing their environmental footprint from day one,” CEO and Founder of Swaplanet Sherif Barakat said.
Swaplanet aims to save 15 million kg of CO2, equivalent to 800,000 trees, and 2.6 billion liters of water.
Swaplanet received 100,000 pieces of clothing from 2,000 parents in Greece, of which 50% were accepted and a third were resold. Some 60% of customers have even made a second order. The newly-raised funding will go towards expanding Swaplanet’s reach across Greece, acquiring new customers and developing the platform.
“Plastics are responsible for 6% of CO2 emissions, while textile is responsible for 10%. Textiles are also responsible for producing 20% of wastewater around the world,” Barakat explained.
“Our aim is to build a network of environmentally-conscious citizens, and we are looking forward to leverage Acasia Angels’ expertise on go-to-market strategy, financial and fundraising management, and market expansion throughout our journey,”he added.
“Reused clothing is the fastest growing sub-segment in fashion, which is already a fast-growing industry,” Non-Executive Chairman of Acasia Group Hossam Allam said.
“Every pair of jeans uses up to 8,000 liters of water in its production cycle. Hence, the environmental impact of Swaplanet is massive because of the amount of CO2 and water saved. Additionally, it serves those suffering from the global cost of living crisis, by providing high-quality clothing items in exchange for items households already own, but don’t necessarily need anymore,” Allam explained.Other investors in the round included Genesis Ventures , Zeno Capital (Helidoni Foundation), Hellenic Business Angels Network, and others.
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