Index Ventures has led a $7.8 million investment into ForbesUnder30-founded Otrium, a fashion startup that could stop brands from incinerating leftover stock
Venture capital firm Index Ventures has led a $7.8 million investment into Otrium, an online platform that brands can use to sell excess inventory.
Otrium claims to have over 600,000 subscribers and annual revenue growth of 400%, although Index would not disclose what those revenues are.Burberry incinerated £28 million “Billions of dollars of valuable clothing are collecting dust in warehouses every season, going to waste, sold at knock-down prices and even being burned,” the founders said in a joint statement. “Our aim is to help apparel makers minimize waste and give their inventory a second chance, selling to a gated community of shoppers where they control the channel.”
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