Birl Secures £500,000 Funding to Transform Fashion Resale
The innovative tech startup Birl, which is rooted in the vibrant city of Liverpool, has successfully secured an impressive £500,000 in pre-seed funding to propel its ambitious growth strategy. This round of investment has significant implications for the company, as it not only gives Birl a financial boost but also unlocks an additional £350,000 Innovate UK grant awarded earlier this year. These combined resources are earmarked to support the advancement of Birl's product roadmap as well as facilitate its expansion into new and potentially lucrative markets. By harnessing cutting-edge technology, Birl aims to transform how consumers engage with pre-owned clothing, providing a seamless and user-friendly alternative to existing platforms like eBay and Vinted.
At the heart of Birl's mission is a commitment to sustainability within the fashion industry.
With over 100 billion clothing items produced annually and less than 5% resold, the waste generated is staggering. Birl seeks to leverage its platform to create a world where clothing is either in use or repurposed back into new products. In a significant development, Birl is set to broaden its online resale platform next month to incorporate a specialized trade-in solution for sports shirts. This strategic initiative involves forging partnerships with several football and Premiership rugby clubs, enabling passionate fans to exchange used jerseys for credit toward new purchases, thereby championing both sustainability and their love for the sport. Birl's unique model, which integrates a functional button on brand websites, simplifies the trade-in process to just a few clicks, mimicking the ease of use associated with payment options like Klarna.
Looking ahead, Birl's co-founders Cam McGimpsey and Peter Lydon are optimistic about the future, with plans to expand into the Nordics by the end of the year. McGimpsey believes there is a substantial opportunity in areas where there is a strong commitment to sustainability. The startup is on track to generate £1 million in revenue by 2025, driven by developing partnerships with brands and market expansion initiatives. Current operations based in Liverpool's Baltic Triangle allow Birl to tap into the rich tech and fashion ecosystems present in the city. The support from local tech accelerators like Baltic Ventures and LYVA Labs has been instrumental in Birl's rise, with McGimpsey expressing immense gratitude for the local community's robust backing. Additionally, with the vision of making resale a straightforward and meaningful experience, Birl's commitment to sustainable practices is further emphasized by its affiliation with 1% for the Planet and its pursuit of B Corp certification by 2025, marking a significant step toward a more eco-conscious future.
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