The CFF will provide a global investment of $1.2 million to start-ups in the global markets by the end of 2025, and over 200 hours of mentoring and networking support for applicants from industry experts.

Since it launched in the UK in 2022, the CFF has helped 15 businesses scale their circular solutions including ‘The Seam’, which allows businesses to offer garment care and repair services at scale to extend the life of clothes, and RCYCL, creators of the innovative at-home fashion recycling programme for unwearable clothing. Now in its third year in the UK, the CFF is set to launch in the US and Germany for the first time having successfully expanded to Australia last year, eBay said in a press release.

In the US, in partnership with the Council of Fashion Designers of America (CFDA), the fund will launch for the first time in 2024. The winner in the US market will receive a $50,000 cash prize, whilst the two runners-up will receive $25,000 respectively. All three finalists will receive bespoke mentoring sessions, educational workshops and networking opportunities. The winners will be chosen by a judging panel of industry experts across fashion, academia and sustainability.

Past judges of this show included Hugo Adams, chief executive officer (CEO) of Kelpi Sustainable Materials and KITX Founder Kit Willow. To further amplify its impact, eBay Ventures will select one winner from the global selection of finalists to become ‘Circular Fashion Innovator of the Year’ and receive an investment of $300,000.

As part of eBay's commitment to the circular economy, the global expansion of the CFF extends its reach to invest in businesses that bring new technology and services to the market and help people think and shop differently. The company is transforming the buying and selling experience so that more brands, sellers and buyers can participate in circular fashion, added the press release.

Kirsty Keoghan, global general manager (GM) of fashion at eBay, said: "The Circular Fashion Fund is a catalyst for collaboration by combining the global scale and power of established companies like eBay with the creativity and innovation of nimble start-ups. We're not only helping to scale circular solutions but bringing together the most knowledgeable and respected experts in the industry. Together, we're making a positive impact on the circular economy and truly reshaping the future of fashion."

Steven Kolb, chief executive officer (CEO) of CFDA, commented: "eBay Circular Fashion Fund champions innovative solutions to sustainability in fashion and reflects CFDA's passion for driving change and motivation to reduce fashion's environmental impact. We wholeheartedly support eBay's investment in innovation and education, and their leadership in driving the circular fashion agenda while championing the innovators who are catalysts for positive change."

Applications are open from now until November 15, 2024.

Fibre2Fashion News Desk (SG)