NOLD, a tech company focused on revolutionizing the fashion resale landscape, has raised €1 million in a recent seed round led by Tilia Impact Ventures and supported by a consortium of venture capital and strategic investors. The funding will play a pivotal role in advancing NOLD’s brand-new product and facilitating its rapid adoption.
The mission of NOLD is to mitigate the negative impact of the fashion industry, which is one of the world’s biggest polluters. The company promotes the principles of the circular economy, where nothing is produced and nothing is thrown away, to reduce resource consumption. Positioned as the most user-friendly emerging fashion resale platform, NOLD helps sustainable, premium, and entry-luxury brands generate additional revenue by monetizing the second-hand market.
NOLD – the new old
NOLD offers a peer-to-peer marketplace that redefines fashion resale by empowering brands and customers to enter the resale market effortlessly and circulate pre-loved items in an efficient and environmentally friendly way. NOLD’s unique selling point is its super exclusive curation, allowing users to sign up for pre-loved hubs of luxury brands like Moncler, Loewe, Tory Burch, and Ralph Lauren.
The overarching goal of the company is to steer the retail industry away from excessive production by utilizing existing inventory. The platform offers a hassle-free way for brands to join the movement, eliminating tech integration complexities. Brands can choose to capture either 10% of the resale value in net profit or 90% in revenue, depending on their preferred payout alternative. NOLD encourages all brands to join the network.
Launch in Q1 2024
To support their efforts, NOLD has partnered with Impact of Fashion (iof.earth), a data-driven software specializing in assessing the environmental impact of fashion. This partnership allows brands to understand and take ownership of their resale market’s impact. NOLD’s resale model significantly reduces the environmental footprint, conserving water and reducing CO2 emissions. Each resale transaction contributes to a net positive climate effect by preventing new resource consumption and waste production.
Scheduled for launch in Q1 2024, with a primary focus on the UK market, NOLD’s platform aims to transform the fashion industry by offering an unparalleled resale experience for consumers and brands. Users can sign up for early access and become early adopters of the circular future of fashion.