US-based online clothing donation company Fashion Project has raised $7.2m in a series A round backed by Simon Venture Group, the corporate venturing arm of real estate company Simon Property Group.
Second Time Around, a designer clothing consignment company, also participated in the round, together with Burch Creative Capital, RiverPark Ventures, Schooner Capital, Abundance Partners and Robert Hall, chairman of travel and lifestyle retailer Vera Bradley.
Fashion Project previously raised $1.8m in a 2013 seed round backed by Atlas Ventures, High Peak Ventures, Schooner Capital, and a range of angel investors.
The company operates as a shopping and donation platform for clothing. It donates the majority of its net proceeds to the charity of the donor’s choice, and has raised more than $400,000 and received some 220,000 donated items.
Fashion Project will use the series A funding to hire more staff, expand its facilities with a new warehouse and photography studio, support its marketing efforts, and double its network of charitable partners.
– Image courtesy of Fashion Project