Red River Insights - Top10 Sustainable Fashion startups
Red River Insights - July 2023
Dear Friends of Red River West,
The fashion industry, including the production of all clothes which people wear, contributes to around 10% of global greenhouse gas emissions due to its long supply chains and energy intensive production. The industry consumes more energy than the aviation and shipping industry combined (source).
As an article 8 Paris based VC fund, we deeply value the intersection of fashion and sustainability. Our sponsor since inception, the Pinault Family holds it at heart especially in the luxury segment: “Luxury and sustainability are one and the same.” is François-Henri Pinault's deep conviction. (Kering has just launched a Podcast on sustainable fashion)
We defined Sustainable fashion as a way to create clothes that not only reduces environmental impact, but is also mindful of the people who work to produce the clothes. The goal is to "achieve a carbon-neutral fashion industry built on equality, social justice, animal welfare, and ecological integrity".(Sustainable Fashion 101)
We are strong believers in the potential of technology to enhance sustainability through more transparency, better sourcing, more efficient processes, new fibers and materials...
Leveraging our data platform Ramp we quickly found that there are many exciting opportunities in Europe and are more than pleased to share them with you today.
(Scroll down for the latest Red River West news!)
RAMP's Sustainable Fashion Top10
We hope this sparks interesting conversations. If you have any comments or would like to suggest a startup that should be included, feel free to reach out to us. Abel, Joseph and Olivier will be delighted to discuss these trends and rankings.
(Ranking established on 12/07/2023)
The sustainable fashion market is witnessing transformative innovation. The sector is increasingly characterized by the integration of advanced technologies, responsible sourcing, and practices that reflect a greater respect for both environmental and human resources. Here are the main trends we identified in the featured startups:
Transparency and Ethical Production:
An emerging trend in sustainable fashion is the prioritization of transparency and fair trade practices. Startups like Fairly Made are leading this trend by ensuring ethical production and safe working conditions. Retraced amplifies this focus on transparency by providing a blockchain-based solution that allows brands to trace and share supply chain information with consumers. These companies highlight the shift towards open, ethical, and responsible business conduct in fashion.
Sustainable Technology Integration:
Several startups are leveraging cutting-edge technologies to promote sustainability. Smartex.ai employs artificial intelligence and machine learning to optimize processes in the fashion industry with a goal to reduce waste and enhance sustainability. Similarly, InfinitedFiber uses innovative technology to transform textile waste into high-quality fibers, significantly reducing the reliance on virgin materials. These companies embody the trend of utilizing technology to achieve greater sustainability in the fashion industry.
Circular Economy and Waste Reduction:
Promoting circularity is a prominent trend within the sustainable fashion landscape. Re-SEE and SMALA, for instance, focus on curating pre-owned luxury fashion and creating garments from upcycled materials, respectively. Similarly, Rester offers clothing rental services, extending the lifespan of garments and reducing waste. These startups champion the adoption of circular economic models and waste reduction within the fashion industry.
Sustainable Material Development:
The quest for sustainability is also driving innovation in material development and processing techniques. Ever Dye and Pili are at the forefront of this trend, developing sustainable dyeing technologies that minimize water consumption, chemical usage, and waste generation. Pili, in particular, uses microorganisms to produce natural dyes, providing an eco-friendly alternative to synthetic ones. These companies indicate the trend towards using sustainable materials and environmentally friendly manufacturing processes in the fashion industry.
More on RAMP's scoring method
The ranking of these startups is based on the estimated momentum of the company but the algorithm does not assess the quality or reliability of the products/solutions developed by these companies!
Find out about the algorithm behind this ranking and the way scores are calculated here: Cheat sheet on RAMP
In case you missed them, our latest top 10s are here:
- Jun23
- May23
- April23
All the previous Top 10 are here.
(Our Insights newsletter is going on a break in August and will be back in September!)
Portfolio news
Congrats to Brut for reaching 5 million followers on TikTok and becoming the first news media on the social network
Participate in The exploration company's event TECSpaceSeries
Congrats to Worldia, now certified #HappyAtWork!
iObeya is this year's sponsor of the Summit Nashville, an event for Agile enthusiasts which takes place on August,15.
Le Collectionist's CEO, Max Aniort, was recently featured on Monocle's enlightening podcast “The Concierge”. Catch the episode here
RRW team news
We are thrilled to announce Imran Tarmahomed is now part of the Red River West team, he joins us as our new Finance Manager.
He brings 7 years of experience at PwC first as a senior auditor then as a Private Equity and Asset Management manager.
Welcome Imran!
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