Key Impact Points:

• eBay expands Circular Fashion Fund globally, investing $1.2 million in start-ups by 2025.
• Partners with British, American, German, and Australian fashion councils to boost circular fashion solutions.
• One winner will be named “Circular Fashion Innovator of the Year” with a $300,000 investment.

Why it matters: 

eBay is scaling its Circular Fashion Fund (CFF) globally, with applications open until November 15, 2024. The fund will help innovative tech start-ups and small businesses develop circular fashion solutions—from production to end-of-life services like rental and repair.

What’s new: 

Since its 2022 launch in the UK, the CFF has supported 15 businesses, including The Seam, which scales garment care services, and RCYCL, creators of an at-home fashion recycling program. Now, eBay is expanding the fund to the U.S. and Germany after a successful launch in Australia last year.

How to apply: Start-ups and small businesses can apply for the Circular Fashion Fund via eBay’s website at https://www.ebay.com/sml/circular-fashion-innovation-fund-apply.

Related Article: New Report Criticizes Major Fashion Brands for Ongoing Fossil Fuel Use and Lack of Renewable Energy Initiatives

The big picture:

eBay’s commitment to the circular economy is clear: the CFF’s $1.2 million global investment will empower fashion start-ups to bring new circular solutions to market. Over 200 hours of mentoring and networking support will be offered to applicants, and eBay Ventures will award $300,000 to the “Circular Fashion Innovator of the Year.”

What they’re saying:

Kirsty Keoghan, Global GM of Fashion at eBay:
“The Circular Fashion Fund is a catalyst for collaboration by combining the global scale and power of established companies like eBay with the creativity and innovation of nimble start-ups. Together, we’re making a positive impact on the circular economy and truly reshaping the future of fashion.”

Steven Kolb, CEO of CFDA: “eBay Circular Fashion Fund champions innovative solutions to sustainability in fashion. We wholeheartedly support eBay’s investment in innovation and education, and their leadership in driving the circular fashion agenda.”

Looking ahead: 

In the U.S., the Circular Fashion Fund will launch in partnership with the Council of Fashion Designers of America (CFDA) in 2024. The U.S. winner will receive a $50,000 cash prize, with $25,000 going to each runner-up. All finalists will receive mentoring, educational workshops, and networking opportunities.