EBay is expanding its Circular Fashion Fund with a $1.2 million investment. The money will be available to startups and small businesses to help them scale their circularity efforts from production to end of life, including rental and repair services, according to a press release Wednesday.
In addition to funding, the program gives recipients more than 200 hours of mentoring and networking with industry experts, per the release. Applications opened Wednesday and will close on Nov. 15, and eBay expects to distribute grants by the end of 2025.
In the release, eBay said one winner will be chosen from the global selection of finalists to be “Circular Fashion Innovator of the Year,” and that applicant will receive an investment of $300,000.
EBay launched the fund in the U.K. in 2022, and in the years since has provided support to 15 businesses, per the release. The program expanded into Australia last year, and now will launch in the U.S. and Germany.
EBay said the expansion of the program “extends its reach to invest in businesses that bring new technology and services to the market and help people think and shop differently.”
The Council of Fashion Designers of America is partnering with eBay for the U.S. launch. A winner in the U.S. will receive $50,000, and two runner-ups will each receive $25,000. Globally, the company has also partnered on this fund with the British Fashion Council, the Fashion Council Germany and the Australian Fashion Council.
“[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,” Steven Kolb, CEO of CFDA, said in the release. “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.”
EBay recently launched additional initiatives meant to boost the secondhand economy. Last month, it debuted Pre-Loved Fashion Week, which featured live and shoppable runway shows of pre-owned items from designer brands.
