CRESS Secures £234k Funding to Transform School Uniforms
Revolutionizing School Uniforms: CRESS Secures £234k in Funding
In a notable shift within the educational sector, CRESS, an innovative pre-loved school uniform platform based in Manchester, has successfully raised £234k in a pre-seed funding round. This investment was led by GC Angels, supported by One Planet Capital and a network of angel investors. The funds will significantly enhance CRESS's digital platform, creating a sustainable and affordable solution that links schools with parents in need of cost-effective school uniforms. As the demand for eco-friendly alternatives surges amidst the ongoing cost-of-living crisis, CRESS is poised to play a pivotal role in transforming how families approach school clothing.
CRESS operates with a dual purpose: to alleviate the financial burden on families and to combat the alarming environmental impact of clothing waste in the UK.
With many families disposing of perfectly usable uniforms, CRESS provides a straightforward method for donating these items while offering parents the chance to purchase them for up to 70% less than new retail prices. By enabling schools to participate in this initiative, they retain over 80% of the generated sales revenue, which is crucial for securing additional funding during challenging economic times.
Collaborations with local organizations further bolster CRESS’s mission. Their partnership with Carma, a Manchester-based climate impact company, pledges that for every item sold, a tree will be planted across the UK, enhancing the environmental benefits of their service. In addition, CRESS has joined forces with Awesome Books, providing families with complimentary age-appropriate books for each order, thereby minimizing waste and enriching children's literacy. Carl Morris, co-founder of CRESS and celebrated ‘Sustainability Entrepreneur of the Year’, emphasizes the company's dedication to merging sustainability with affordability. As CRESS prepares for its next growth phase, they are set to expand their support beyond Greater Manchester, making a lasting impact throughout the nation.
Key Terms Explained
- Pre-loved school uniform platform
- An online platform that facilitates the donation and resale of used school uniforms at lower prices, promoting sustainability and affordability.
- £234k in a pre-seed funding round
- An early stage of raising capital for a startup company. In this case, CRESS secured £234,000 in this round of investment before a full seed funding round.
- Angel investors
- Individuals who provide capital to startups or entrepreneurs, often in exchange for convertible debt or ownership equity. This form of investment can be crucial for startups that need funding to develop their business.
Frequently Asked Questions
- How much funding did CRESS secure in its recent round?-CRESS secured £234k in a pre-seed funding round.
- Who led the investment in CRESS and who were the other participants?+
- What is the main purpose of the CRESS platform?+
- How is CRESS working toward environmental sustainability?+
- How much of the generated sales revenue do schools participating in the CRESS initiative retain?+
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