Quadia is pleased to announce its participation in the Series A financing round of The Renewal Workshop through its impact investing fund, launched jointly with the Belgian Bank Degroof Petercam, which is focused on the regenerative economy.
As a leader in the textile refurbishment sector, The Renewal Workshop aims to breathe new life into garments that would otherwise be incinerated or sent to landfills, thereby supporting fashion brands to contribute to a more circular textile sector. The Renewal Workshop manages the collection, renewal, and quality of brand partners’ damaged or used garments while facilitating the resale of the goods on the brands' own second-sale channels. To date, The Renewal Workshop has managed to divert over two hundred thousand pounds of apparel from waste through its services, thereby providing a significant positive environmental impact.
Since its creation in 2016, the company has secured partnerships with leading brands including The North Face, Mara Hoffman, Prana, and Coyuchi. The funds raised in this round will enable The Renewal Workshop to expand its activities in Europe, with the opening of the first European renewal facility in Amsterdam, thus enabling European apparel brands to access the entire suite of services including circular business strategy, garment and textile renewal services, and recommerce management.
The joint press release can be found here.