Online marketplace eBay has partnered with the British Fashion Council (BFC) for the launch of a Circular Fashion Innovator’s Fund.
The fund will award 100,000 pounds to select businesses in the U.K. and receive expert advice from eBay on scaling business. Businesses will also get support from BFC on how they can best identify and leverage circular solutions.
Businesses can choose to apply for the fund until November 3, 2022. After which, ten companies will be selected to pitch their business to a panel of experts from eBay and other organizations, who will then select six recipients for funding.
The six finalists will receive 15,000 pounds each, while the fund’s winner will receive a 100,000-pound cash prize. Additionally, all the companies will have the chance to participate in a six-week mentorship program and engage in one-on-one personalized sessions, FashionUnited reported.
“Over the past few years, there have been so many brilliant start-ups and small businesses that are changing the way we think about a circular fashion economy,” said Lucy Peacock, head of pre-loved at eBay U.K. “We hope that the Circular Fashion Innovator’s Fund will help scale these innovative start-ups in size and reach, and in turn make sustainable fashion practices more accessible to more people and businesses.”