Thriftify, the online platform for 98pc of Ireland’s charity shops, is planning to grow its business further after receiving a €1.6m investment.
Themvar VC, along with angel investors including former River Island CEO Ben Lewis, joined the investment, which was sponsored by the Halo Business Angel Network Impact Syndicate.
It follows ongoing growth in the UK market for the sustainable e-commerce firm, as well as improvements in the company’s technology. These enhancements will now allow Thriftify to automatically value any clothing donation and then list them on its own website, as well as multiple online marketplaces, such as eBay, Facebook, and Depop.
Thriftify also handles customer care and the fulfillment of orders.
Thriftify has also announced ambitions to hire twenty additional roles within the next 12 months as part of the company’s expansion. The firm is looking to increase its online presence, thus the new positions are mostly in the sales and marketing divisions. Jobs focusing on technology and e-commerce will also be included in the new positions.
“As a team, we’re absolutely thrilled to have the resources we need to fundamentally change the fashion industry,” said chief executive Rónán Ó Dálaigh.
“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,” he added.
Thriftify has grown around 300pc since it was launched in 2018. With almost all of Irelands charity retailers registered on the site, the platform now aims to have all British charity retailers on board by the end of next year.
The company now has 30 full-time employees and has offices in Dublin and London.