Sustainable fashion venture Open For Vintage announces investment campaign
Luxury pre-owned marketplace, Open For Vintage (OFV), has launched a £1.5 million capital raise, including a public crowdfunding campaign powered by Seedrs.
The cash will drive the growth of the venture’s community in the UK and US markets via the expansion of marketing activity.
Founded in 2015, the business is raising an initial £400,000 on Seedrs, providing an opportunity for community members to invest as little as £10.
More than £350,000 has already been committed by existing investors. Advisors and investors include current and former senior executives at Burberry, Farfetch, H&M and PayPal.
OFV reports rapid growth in parallel with the rise of sustainable shopping. It gives people access to more than £50 million of pre-owned designer handbags, jewellery, accessories and watches through its platform.
By connecting customers directly to independent boutiques, and not holding stock, OFV says that it “operates a capital light model that sets the business apart from competitors”.
It recently launched a Repair and Restore service. This allows customers to book in handbag repairs directly via the website.
To support future innovation, OFV has added ex VP of Strategy & Innovation at Farfetch, David Grunwald, to the governance board.
