EBay Invests $300K In Refiberd To Drive Circular Fashion Innovation

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(RTTNews) - eBay (EBAY), Wednesday announced an investment of $300,000 in Refiberd as part of its Circular Fashion Fund program.

This fund supports fashion startups working on circular solutions, helping them scale their impact. Refiberd was recognized as the winner of eBay's Circular Fashion Innovator of the Year Award, which honored 12 finalists from the UK, US, Germany, and Australia for their contributions to a more circular fashion industry.

The funding will help Refiberd enhance its AI-driven technology, which identifies fabric compositions to enable accurate sorting and recycling. This system integrates with existing recycling processes to ensure materials are sorted and processed correctly, facilitating the conversion of textile waste into usable fibers. By improving recycling efficiency, Refiberd aims to address the fashion industry's waste-sorting challenges and promote circularity in the sector.

Since launching in 2022, eBay's Circular Fashion Fund has supported 27 businesses and is on track to invest $1.2 million by 2025, along with providing over 200 hours of mentorship from industry experts. Through partnerships with key fashion organizations like BFC, CFDA, FCG, and AFC, eBay offers recipients enhanced visibility and access within the industry to fuel business growth.

As demand for circular fashion rises, particularly among Gen Z consumers, eBay continues to invest in tools and technologies that support the circular economy and foster sustainability in the fashion industry.

Sarika Bajaj, CEO of Refiberd, expressed gratitude for the award and the investment, noting that it would help the company expand its technology, collaborate with new recycling partners, and further its mission of enabling textile-to-textile recycling. She highlighted the value of the mentorship and access to networks provided by eBay and CFDA in accelerating Refiberd's impact.

Alexis Hoopes, eBay's VP of Global Fashion, emphasized that eBay has been advancing circularity in fashion for 30 years. He stressed that the Circular Fashion Fund and the eBay platform are pivotal in driving the industry forward and shaping consumer and brand behaviors.

Other finalists included SOJO in the UK, MOOT in Germany, and Shopfront in Australia, all of whom received grants for their innovative contributions to circular fashion. Refiberd was ultimately chosen as the winner by a panel of industry experts.

EBAY is currently trading at $62.9 or 5.67% higher on the Nasdaq Global Select Market.