The British Fashion Council has joined forces with Venrex, a venture capital firm to set up a fund for emerging fashion businesses. The fund will help small businesses in the fashion industry find their feet.
With the initial funding, three fashion startups have received some backing. The first is Intimately, an adaptive intimate brand, which received $1 million. Digital Village, a metaverse space and marketplace, has also received $600,000. The third beneficiary, Vollebak, a “clothes for the future” company, hasn’t disclosed the amount it received yet.
According to the British Fashion Council, the fund is “reinvest part of the carry back into the brilliant pipeline of future talent” in the fashion industry. The BFC will reinvest its fees back into the fashion sector through its existing initiatives, such as the BFC Vogue Fashion Fund and the BFC New Gen partnership with TikTok. This fund will support seed, early-stage, or growth-stage businesses.
The adaptive intimate brand, Intimately, plans to use its fund to expand its team and build an interactive digital platform for disabled women. Digital Village also plans to use its $600,000 to create a user-friendly and accessible metaverse space and marketplace.
Source: Vogue Business