UK fashion rental platform Hurr has raised 5.4 million dollars in funding as the circular fashion scene continues to heat up.
The seed funding round was led by venture capital firm Octopus Ventures, with additional participation from D4 Ventures and Ascension.
London-based Hurr said it will use the fresh capital to “rapidly” expand its operations, invest in its proprietary technology, elevate its focus on community, and expand its white-label portfolio.
CEO and founder Victoria Prew said she was “absolutely convinced that the future of fashion is circular”.
“As a millennial, I’m part of a generation that loves shared ownership. We’ve all witnessed the rise of disruptive tech-first businesses such as Airbnb and Uber and if we can rent our houses and cars, why not our wardrobes,” she said.
This isn’t the first time Octopus Ventures has invested in circular fashion businesses. It has also previously led a funding round for fashion rental giant Depop.
Matt Chandler, consumer investor at Octopus Ventures, said Hurr is “perfectly placed to capitalize on the shift towards new models of ownership and spearhead the transition to a more climate-friendly fashion industry”.