Archive Raises $30M to Tackle Fashion’s Pollution Problem with Resale Tech

The fashion industry is one of the biggest polluters on the planet, and Emily Gittins has been thinking about it since she was a teenager. Known for contributing nearly 10% of global CO2 emissions and over 20% of water waste, it’s clear something needs to change. That’s where Archive comes in.

Founded by Gittins and Ryan Rowe in 2021, Archive provides software that helps fashion brands launch their own resale platforms. These platforms allow customers to buy and sell pre-loved items, reducing waste and giving clothes a second life. With competitors like Trove and Treet already in the game, Archive sets itself apart by supporting global brands across multiple continents.

The software includes features like smart pricing, warehouse management, and tools to track profits and costs. It’s already being used by over 50 brands, including big names like New Balance, The North Face, and Oscar de la Renta.

The timing couldn’t be better. The second-hand market is booming, with projections showing it could hit $73 billion in the U.S. by 2028. Younger shoppers, in particular, are drawn to eco-friendly and budget-conscious options.

This potential convinced investors to back Archive with a $30 million Series B funding round, led by Energize Capital. Other investors include Lightspeed Venture Partners, G9 Ventures, and Bain Capital. To date, Archive has raised $54 million, which it plans to use for further software development and product innovation.

Legislation is also playing its part. Laws like California’s Responsible Textile Recovery Act and similar initiatives in Europe are encouraging the shift toward resale.

“We’ve debunked the concern that resale cannibalizes full-price sales,” Gittins said. “We’re in scaling mode with many of our brands and are excited to be launching resale businesses for so many new brands in 2025.”

With Archive’s innovative approach, the future of fashion could be a lot greener—and a lot more stylish.

Archive Raises $30M to Tackle Fashion’s Pollution Problem with Resale Tech
https://www.99newz.com/posts/fashion-resale-tech-funding-4280
Author
99newz.com
Published at
2024-09-20
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CC BY-NC-SA 4.0