HURR, the UK’s leading online platform for fashion rental, is targeting further expansion after securing a funding round led by Praetura Ventures that takes the total raised by the business to £7.9m ($10m).
Founded in 2019 by Victoria Prew, HURR is a community-led, peer-to-peer marketplace enables users to lend clothes, bags and accessories to others. It has become popular with consumers who can access designer fashion for a fraction of the price, while minimising their impact on the planet, and today boasts more than 70,000 online listings.
In addition to the online marketplace, HURR has also developed a software-as-a-service solution that can be white labelled by brands and retailers to rent out their products as they respond to rising demand for sustainable fashion. It is already used by more than 130 brands worldwide, including Ganni and Mulberry, as well as four of the UK’s leading fashion retailers in Selfridges, John Lewis, Flannels and Matches.
HURR has secured further investment as demand for sustainable fashion increases. Nine in 10 people say they intend to change the way they buy clothes in the future*, and HURR plans to use the cash injection to respond to this demand and expand its white-label platform to secure new client wins worldwide.
Victoria Prew, founder and CEO of HURR, said: “It’s clear to me that rental clothing is the future of fashion, with benefits like a reduced carbon footprint, lower prices and freedom to explore, setting it apart from traditional garment purchasing. For my vision to be made real through the support from investors like Praetura Ventures makes all my and my team’s dedication and determination worth it.
“With the help from investors, we’ve been able to bolster our festive offering with our new collaboration with Net-A-Porter, now providing one-day rentals, and this is just a taste of the exciting announcements that are yet to come.”
The funding round was led by Praetura Ventures, with existing investors Octopus Ventures, Ascension and D4 Ventures all participating.
David Foreman, managing partner at Praetura Ventures, added: “HURR is playing a leading role in the circular economy. Their team are poised to offer consumers a real alternative to fast fashion and support retailers in their shift towards greener operations. We’ve been so impressed with Victoria and her founding team’s ability to build a community around their vision. We will be right beside them with our ‘more than money’ support as they continue to grow an exceptional business.”
The deal was transacted by Pete Carway and Tania Rahman in the Praetura Investment team.