HACK YOUR CLOSET, Sweden’s largest shared closet raises 20Mio SEK and expands to Europe.
When the service launched in June 2019, neither of the founders had ideas of what 2020 would offer. Hack Your Closet was built to solve two major issues in the clothing industry.
First of all, it was created to solve one of the clothing industry’s biggest problems: the growing volume of unsold or unused items.
Second, they wanted to reshape and facilitate how we access such clothes like second-hand items and dead stocks, how to access them, and make them part of everyone’s closets.
As 2020 accelerated the need for change, the company closed two rounds of financing the same year and prepared for a European expansion.
This is how the service works, currently available for women only, Hack Your Closet provides a monthly box with 4 items selected for you by a stylist. All of the items can be borrowed from the closet and used for 4 weeks or more. The clothes are washed between each cycle before finding a new temporary closet to update.
Over the past 12 months, the company shipped close to 10K boxes and circulated over 20K items in order to neutralize their impact on the environment.
Hackyourcloset.com works in close collaboration with brands and charity organizations, offering a great alternative to gaining visibility, activating the garments, and neutralizing their impact on the environment.
The team is always looking for new suppliers who are committed to reshape and close the loop for the clothing industry. You can reach out at email@example.com.
The company has committed to take care of existing stocks while collecting data that will support the largest players to prevent waste in the future.
Today, they’re announcing a 20 Mio SEK new round of financing led by Pale Blue Dot Ventures and followed by existing shareholders such as J12 Ventures, and Luminar Ventures.
“We are thrilled to be part of the Hack Your Closet journey and to join Lisa, Mikaela and the team at this pivotal time as they scale internationally. We believe strongly in their unique approach in using clothes from the waste stream and prolonging their use by rental and we’re excited to see more consumers embrace this approach to limit their clothing consumption.” Heidi Lindvall, General Partner at Pale Blue Dot
This new round will allow the company to not only accelerate change in Sweden and increase their resources, the service is also expanding to France, home country of Lisa Gautier, CEO and co-founder of the company.
“We’re planning to launch 1 to 2 new markets per year, and I couldn’t be more excited to start with my home country. France is said to be one of the most challenging markets for foreign start-ups, so we’re definitely set for a great advantage and I believe that our success in this market will show the scale and pace at which we can drive change in the industry.”