Thriftify, the online retailer for charity shops, is to hire 20 staff to help expand the business, following the signature of a €1.6m investment deal.
The company acts as the online retailer for 98% of this country’s charity shops, and the investment will be devoted largely to expansion in the British market. The deal was led by the first ever HBAN Impact syndicate which included Themvar VC and angel investors such as Ben Lewis, ex-boss of River Island, who are backing the circular economy and second-hand clothing industry.
Thriftify says its latest investment in technology means it is now able to value charity shop donations automatically, list them on dozens of marketplaces, and handle the entire e-commerce process, including customer care and fulfilment.
The 20 jobs will be primarily in sales and marketing, as the social enterprise focuses on building its online presence and taking more sales away from fast fashion and into the used, sustainable fashion space. Thriftify says it has grown approximately 300% each year since launching in 2018 and is also investing in continued expansion in the UK.
Chief executive Rónán Ó Dálaigh said: "Investment in impact driven companies is hard to come by, so this investment is a major boost not only to us, but to all entrepreneurs and companies whose priority is a sustainable, impactful future.
In Association with
“As a team, we're absolutely thrilled to have the resources we need to fundamentally change the fashion industry. We've been boot-strapped and lean for a long time and while we'll still stay true to that, we're going to invest in some remarkable new hires and areas that we know are going to generate a major impact, so overall it's definitely the most exciting period in our journey so far.
“The challenge we all face is changing how and why we do business, because, from a climate perspective, our economic model is completely broken. Growth for growth's sake has destroyed large parts of our planet and made us unhappier as a society. Seeing those with major capital come on board with our radical vision of disrupting one of the largest culprits, the fashion industry, gives me huge hope and optimism.”
Halo Business Angel Network’s Yvan Gouttebelle added: "The HBAN Impact syndicate is delighted to support Thriftify's innovative, sustainable business model and future growth. We look forward to helping the company scale and succeed.
“I see a tremendous ability in Rónán and the team, who are able to break the boundaries of second-hand online marketplaces while supporting charitable organisations. HBAN's investment in Thriftify is a clear sign that Irish business angels are dedicated to solving sustainable development goals for the Irish economy and beyond. While this is a strong start, more angel impact investing is needed."
The company was formed in 2018 by O’Dálaigh, Timur Negru and Rahil Nazir, as a dedicated online marketplace connecting charity shops with consumers. Almost all Irish charity shops now use its platform, and Thriftify aims o have all the registered charity retailers in Britain selling on the site by the end of 2023.
It has offices in Dublin and London and at present employs 30 people here and in Britain, Moldova, India, Pakistan and Spain.
