eBay UK has partnered with the British Fashion Council and Ellen MacArthur Foundation to establish a Circular Fashion Innovator's Fund, which provides financing for small firms specializing in circular fashion solutions.

With an emphasis on areas including customer experience, social commerce, circular inventory, and services, the fund aims to market new technologies and services that can help consumers think and shop differently.

The Circular Fashion Innovator's Fund is accepting applications through November 3, 2022. A panel of business professionals from eBay and other top organizations will then be given a selection of ten companies to hear their pitches.

Each of the six winning companies will receive a grant of £15,000, and the overall winner will also receive an additional $10,000. A six-week mentoring program involving one-on-one meetings with executives from eBay and organizations like the Ellen MacArthur Foundation will also be available to the winners.

Lucy Peacock, Head of Pre-loved at eBay UK, said that over the past several years, there have been so many fantastic start-ups and small businesses that are redefining the way we think about a circular fashion economy. They anticipate that the Circular Fashion Innovator's Fund will aid in expanding the scope and size of these creative start-ups, making sustainable fashion techniques more widely available to consumers and companies.

Caroline Rush, CEO of the British Fashion Council, said that they all have a role to play in ensuring a bright future for the fashion industry, and it is essential now more than ever that the fashion community does its utmost to protect and nurture innovative start-ups and small businesses that specialize in circular fashion solutions. They think the Circular Fashion Innovator's Fund is a great idea and are eager to see what each application has to suggest.

The program expands on eBay's dedication to a more circular fashion business, which will help keep approximately 17,770 tons of clothing out of landfills in 2021.