MySource launches crowdfunding campaign

Ethical Fashion Forum founder Tamsin Lejeune is looking to launch a new online sourcing platform, MySource with the help of Crowdcube.

MySource aims to help fashion professionals to do business better, by matching them with the connections and resources they need to succeed, and it is hoping to crowdfund 400,000 pounds to support its launch. The idea is to rank companies via a benchmarking system, which will include social, environmental and commercial criteria. The higher users are ranked, the more coverage they will get on the MySource site.

The platform is backed by influential figures in fashion including Jane Shepherdson, chief executive of Whistles and Brigitte Stepputtis, head of couture at Vivienne Westwood, who get behind MySource’s aim to support and incentivise more sustainable practices to “turn around the fashion industry’s negative impact on people and the environment”.

The B2B platform will initially focus on fashion and textiles, expanding to incorporate homeware, product design and other related industries. MySource estimates that there are over 300 million professionals working in these sectors globally that could utilise the service.

The campaign went live on October 26 on Crowdcube, it’s offering a 15.38 percent equity for 400,000 pounds, and is offering reward packages for investments of 100 pounds and upwards, including being listed online MySource as a founding investor, being invited to the platforms launch event, and if 20,000 pounds is invested they will become lifetime members of MySource.

B2B platform MySource seeking 400,000 pounds

The campaign is only live for four weeks until November 22 and it has already attracted 34 investors, raising 55,000 pounds, including one investor who gave 20,000 pounds. The money raised will be used to take the platform to scale, including match making and benchmarking functionality, to implement the marketing plan to achieve growth targets, as well as expand the team across technology and content development.

Stepputtis, who is also a MySource board member believes that the platform will be an indispensable tool to help train her team, “MySource is exactly what brands like Vivienne Westwood need, there are no other platforms that compare.”

Olivia Lankester, former head of corporate responsibility at Monsoon added: “MySource is here just at the right time. People need it at every level, from the big brands through to the smaller brands.”

MySource is building upon the success of the not-for-profit online network Ethical Fashion Forum, which was launched in 2006 focusing on social and environmental sustainability in the fashion industry. To date, the network reaches 220,000 people in 141 countries.

Images: MySource