Online marketplace eBay will invest a total of $1.2m in its Circular Fashion Fund (CFF) by the end of 2025 as it announces a new award recognising innovators in the sector.
The CFF will recognise a ‘Circular Fashion Innovator of the Year’ with the winner granted an investment of $300,000.
The fund will expand in the UK, Germany, the US and Australia.
In the UK it is entering its third year and the CFF will award a £50,000 ($65,000) cash prize to its winner, with two runners-up receiving £25,000 each. All three finalists will receive bespoke mentoring sessions, educational workshops and networking opportunities.
As well as the $1.2m investment between its launch in 2022 and the end of 2025, eBay’s CFF will also support circular start-ups with more than 200 hours of mentoring and networking.
Applications for funding are open until 15 November 2024 with innovative start-ups and small businesses invited to apply via the eBay website.
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The CFF has helped 15 businesses scale circular solutions since its launch in 2022. As well as eBay, the fund is also supported by the British Fashion Council, in line with its mission to address the industry’s environmental impact.
As the fund expands internationally, eBay will also work with the Council of Fashion Designers of America, Fashion Council Germany and the Australian Fashion Council to extend its impact.
eBay says its global expansion extends its reach to invest in businesses bringing new technology and services to the market that will help people think and shop differently.
Kirsty Keoghan, global general manager of fashion at eBay commented: “The CFF is a catalyst for collaboration by combining the global scale and power of established companies like eBay with the creativity and innovation of nimble start-ups.
“We’re not only helping to scale circular solutions but also bringing together the most knowledgeable and respected experts in the industry. Together, we’re making a positive impact on the circular economy and truly reshaping the future of fashion.”
Caroline Rush, CEO at the British Fashion Council added: “Building on the success of the past two years, we remain focused on boosting excellence and innovation in the British fashion community. Small businesses are integral to building an ecosystem that can create specialised solutions and we want to help them scale.
“The CFF has been a game-changer and we are thrilled to support the new ideas and entrepreneurial spirit from this next cohort. Together, we’re making the fashion industry more sustainable, one step at a time.”
In April, eBay announced it would waive selling fees for individual sellers of preloved fashion items, a move aimed at supporting the circular fashion drive and diverting clothes from landfill.
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