Hurr, the London-based fashion rental platform, has secured £4.1 million ($5.4 million) in seed funding from Octopus Ventures. This funding will enable Hurr to enhance its operations and disrupt the women’s fashion industry even further. The company aims to invest in technology, expand its subscriber base, and collaborate with more fashion partners, all with the goal of creating a circular economy within the fashion industry.

Since its inception in 2019, Hurr has developed a unique business model that includes over 85 exclusive fashion partners. It also offers a white-label service that powers rental for renowned retailers like Selfridges Rental. Additionally, Hurr has a physical presence in a London department store and recently formed an innovative partnership with global resale platform Depop. In a significant move, Hurr has introduced a partnership with Timberland for the autumn/winter season, marking the renowned outerwear brand’s foray into the rental market. With an annual turnover of £1.9 million, Hurr has already made a significant impact.

Victoria Prew, the CEO and Founder of Hurr, strongly believes in the potential of the circular fashion model. She stated, “I am absolutely convinced that the future of fashion is circular, and we are proud to be at the forefront of this accelerating consumer shift.” Prew emphasized the wastefulness of the current fashion industry, with customers spending £2.7 billion on outfits that are only worn once and over $400 billion worth of clothing being discarded globally each year. As a millennial, Prew recognizes the desire for shared ownership and draws inspiration from successful tech-first businesses like Airbnb and Uber. She poses the thought-provoking question, “If we can rent our houses and cars, why not our wardrobes?”

Octopus Ventures, known for supporting similar businesses such as peer-to-peer resale platform Depop, sees immense potential in Hurr. They believe that Hurr is well-positioned to tap into the growing demand for new ownership models and spearhead the transition to a more sustainable fashion industry. Matt Chandler, a Consumer Investor at Octopus Ventures, explained that Hurr’s expertise in managing the necessary logistical aspects of rental allows them to offer an all-encompassing rental solution to existing brands. This, in turn, provides Hurr with a wide array of supply options. Leveraging their experience working with Depop, Octopus Ventures is excited about the potential for growth and eagerly looks forward to partnering with Victoria and her team.

Hurr’s successful funding round and expansion plans demonstrate the increasing popularity of the fashion rental industry. As consumers become more conscious of the environmental impact of fast fashion, rental platforms like Hurr provide a sustainable alternative. By embracing a circular model and harnessing the power of technology, Hurr is leading the way towards a more environmentally friendly and inclusive fashion industry.

Useful links:
1. Hurr Website
2. Octopus Ventures Website