- FARO, a South African startup, is raising $6 million to fight textile waste and drive affordable fashion.
- The startup earned $2.3M in 2024 with only four stores.
- FARO is trying to promote a circular economy by selling overstock and reconditioned items.
FARO, a South African startup, secured $6 million in an investment led by Bloomberg President JP Zammitt, and other VC firms like Presight Capital and Garage Ventures. This investment allows FARO to expand its operations and effectively solve the issue of textile waste in the fashion industry.
Promote Sustainability
This startup was founded in 2024, and it works on sourcing unsold stock from brands such as ASOS, and Levi’s. FARO resells the items at discounts of up to 70% and ensures affordability and reduces harmful environmental impact.
This sustainable journey started with a pop-up store that earned $100,000 in its first month. In 2024, it surpassed all expectations and earned $2.3M just from four stores.
FARO’s Waste Management Efforts
FARO plans to expand to 1,000 locations over the next decade, using data analytics to meet regional demand. With this innovative model, the startup sets new standards for African retail and proves the significance of technology and sustainability in driving growth.
Recently, Africa is facing noticeable challenges in managing textile waste. However, companies specialized in processing textile waste has great opportunities to provide innovative and sustainable solutions.
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