Borski Fund and Participatiefonds Duurzame Economie Noord-Holland (PDENH) are investing in The Next Closet: a platform for sustainable fashion run by female entrepreneurs.
The two female founders recently strengthened their management team with Peter Koning (COO), from OLX – a global network of online marketplaces – and Suzanne Kats (CCO), formerly Sr. Director Global Brand Strategy at Tommy Hilfiger. The team will use the 3 million euros raised in funding to recruit more talent and further expand its leadership position. In addition to Borski Fund and 4impact, PDENH participates as an existing shareholder in this financing round.
Rising demand for vintage
The fashion industry is the second largest polluting industry, with 50 billion new pieces of clothing thrown away every year. Thanks to an increasing awareness and the recently introduced product responsibility (UPV) for textiles by the government, the demand for second-hand fashion is expected to increase sharply.
Sustainable and inclusive
The second-hand clothing market is expected to grow twelve times faster than the fashion market as a whole and even become twice as big as the market for second-hand clothing. fast fashion. With the financing, The Next Closet can grow with this explosively developing market. By placing quality over quantity, The Next Closet also contributes to the international UN environmental goals (Sustainable Development Goals).
Borski Fund is an innovative venture capital fund that invests in technology companies with a diverse team. With its investments, the fund encourages more diversity in companies, more women who undertake risk-bearing business and more women who invest risk-bearing. This is the only way to create a diverse Dutch entrepreneurial landscape and a balanced situation for women in top positions. Success has no gender. More about Borski Fund.
PDENH stimulates sustainable activity, employment and innovation and thus contributes to a sustainable economy in the province of North Holland. The fund is specifically intended for companies and projects that give the sustainable economy an extra boost and focus on the energy transition, a circular economy and sustainable mobility. More about PDENH