The Renewal Workshop raises USD 6 million

News overview

The company has developed a full-service solution for return clothing

Amsterdam – 21 July 2021 – DOEN Participaties participated in the Renewal Workshop’s successful investment round. In total, the company raised USD 6 million from DOEN Participaties, Rubio Ventures, Shift Invest, Quadia, Closed Loop Partners, Gratitude Railroad, Portland Seed Fund, Fashion for Good, Mosaico Management, Mistletoe and Volta Circle. With this sum, the company can take on the market for second-hand clothing.

The American Renewal Workshop is a circular enterprise that has developed a full-service solution for return shipments of branded clothing. Return shipments are collected, repaired and remarketed under the name of the brands in question. In addition to its establishment in Oregon in the United States, the company also has its European Headquarters in Amsterdam. This enables it to offer circular solutions to the big brands in both the US and European markets.

Fastest-growing market
The sale of second-hand clothing is the fastest-growing market in the clothing industry. The Renewal Workshop therefore helps big brands like Tommy Hilfiger and The North Face to create an earnings model for all the return clothing it receives. In the past, these products were often given to online marketplaces at no charge. Thanks to customised software, for example by developing an app, and assistance during all stages of the process, the Renewal Workshop makes it interesting and above all worthwhile for these brands to give their own clothes a new life.

“Following its successful expansion into Europe, TRW offers a leading full-service solution that enables the collection, repair and resale of clothing for the fashion industry. Given the changing needs of consumers, it’s especially important for all brands to think about solutions for return goods. TRW is the ideal partner for them, both in relation to the technical side of the process and its implementation,” says Caroline Brown, current TRW board member, investor and Managing Director at Closed Loop Partners.

Marc Rasmussen, investment manager at DOEN Participaties: “The textile industry is characterised by its hugely negative impact on the environment and the prevailing working conditions. DOEN Participaties invests in sustainable enterprises that help make the industry more sustainable, but we also see how difficult it is to find entrepreneurs who can bring about systematic, broad-based change. The Renewal Workshop has the potential to take the industry a step closer to implementing a circular business model.”

About the Renewal Workshop
The Renewal Workshop (TRW) is an American company with a European base in Amsterdam that has developed a scalable, sustainable take-back system for branded clothing. Return shipments are repaired by TRW and then offered for resale by the brands in question. To this end, TRW offers the SaaS platform, taking care of everything for the partner brand throughout the process. With its technology and comprehensive solution, TRW offers an earnings model for a part of production process that has no value at present. This makes TRW a unique player in the field of circular textiles.

About DOEN Participaties
DOEN Participaties has been investing in innovative, sustainable and socially inclusive start-ups for more than 25 years. DOEN Participaties aspires to make the world greener and more socially inclusive. That’s why impact is a key factor with respect to all its investments. DOEN Participaties invests in the early stages of companies and dares to take risks. DOEN Participaties is wholly-owned and managed by the DOEN Foundation. The DOEN Foundation was founded by the Dutch Postcode Lottery (Nationale Postcode Loterij) to support innovative initiatives.