The Renewal Workshop Expands in the Netherlands’ Circular Economy
The American company raises $5.5M to open its first European apparel renewal facility in Amsterdam
The Renewal Workshop, the leading provider of circular solutions for apparel and textile brands, is expanding in the Netherlands’ circular economy. The US-based company announced a $5.5 million Series A financing round and opened its first European apparel renewal facility in Amsterdam. By investing in Dutch manufacturing, The Renewal Workshop can offer their entire suite of services to European apparel brands.
“Production is already underway at our Amsterdam facility, and we are thrilled to serve a strong pipeline of European brands eager to transition to circular business models,” said co-founder Jeff Denby, who will lead European operations based in the new Amsterdam apparel renewal facility.
A pioneer of brand-driven re-commerce, The Renewal Workshop built the first apparel renewal facility in the US in 2016. As a result of strong demand for their services in Europe, the company knew it was time to expand. Because of its strategic location advantages, the Netherlands emerged as the logical base to grow The Renewal Workshop’s European operations.
A Perfect Fit for the Netherlands’ Circular Economy
The Renewal Workshop enables brands to be a driving force in the apparel industry’s transition to circular business models. Their solutions range from web-based re-commerce management to on-site apparel renewal services. With their commitment to operating a zero-waste circular system, The Renewal Workshop aligns perfectly with the Netherlands’ circular economy goals. In addition, the company’s innovative re-commerce services are well-positioned to connect with the Dutch digital economy.
Furthermore, the financing round is led by Dutch investment funds Social Impact Ventures and SHIFT Invest, as well as existing US investors. This multinational investment in The Renewal Workshop epitomizes the Dutch financial services sector’s focus on fueling social enterprises, circular technologies and sustainable innovations that benefit the planet.
Source: PR Newswire17 December 2019