Spanish re-commerce platform for textiles, yarn and production material waste—Recovo—has secured an undisclosed amount of investment from leading fashion group, Mango.
- The agreement, established as part of the Mango StartUp Studio project, entails Mango supporting Recovo through a convertible equity loan.
- The project includes an acceleration programme in which entrepreneurs can learn about the Mango operation at first hand, as well as receiving mentoring and advice.
How It Will Work: The start-up, founded in 2021, will now participate in the Mango StartUp Studio acceleration process, in which entrepreneurs receive training on the purchase and sale of textiles in a major fashion company, product architecture and UX for personalised experience, the development process and architecture of an own marketplace, in addition to recommendations for the creation of a Recovo logo that will be recognised by the industry.
The acceleration plan also includes mentoring sessions, training and collaboration, so that the meetings with the entrepreneurs help to foster networking.
The Mango StartUp Studio: Mango StartUp Studio is a fashion start-ups accelerator created by Mango.
- The Studio seeks to promote innovation in Mango, detect new growth opportunities, and participate in the development of new technologies or business models.
- Mango StartUp Studio looks for companies and ideas at the development stage in order to make seed-capital investments that add value to the value chain of the fashion industry and improve the customer experience.
- Sustainability and technology are the key areas of the accelerator, in addition to all the links in the value chain, from product creation and sourcing to distribution.
The Recovo Background: Recovo presents a business model which contributes to a circular future through technology, traceability and community action.
- Through textile recovery, companies can give a second life to textile surpluses and minimise their environmental impact.
