Archive, a San Francisco-based technology company focused on resale solutions, has successfully completed a $30 million Series B funding round. The funding round, led by Energize Capital, brings Archive’s total funding to $54 million and marks the increasing relevance of sustainability in the fashion industry.

The fashion industry is responsible for much environmental degradation. In a year, it generates approximately 92 million tonnes of textile waste. That’s a rubbish truck full of clothes going to landfills every second. At the rate that things are currently going, it will hit 134 million tonnes annually by the end of the decade. Carbon emissions, 10% of global carbon emissions, also arise from the industry.

Archive was founded in 2021 and is working with brands to build private resale platforms for each of their brands. With these platforms, companies can create resale channels specifically for their brands. In this way, Archive is giving brands the power to extend the lifespan of their products, thus eliminating waste and consumption.

Archive was co-founded by CEO Emily Gittins and CTO Ryan Rowe. Gittins brings a background in business strategy and a passion for sustainability, while Rowe offers extensive experience in technology development. Together, they have built a team committed to leveraging technology to drive positive environmental impact within the fashion industry.

Funding Details

Recently, the Company secured $30 million in funding in a new Series B, led by Energize Capital alongside Lightspeed Venture Partners, with Bain Capital Ventures, G9 Ventures, Capital F, plus new investors including Woodline Partners LP and Frontline Growth contributing. 

The invested funds will mainly be used on developing Archive resale intelligence software as well as speedy expansion across worldwide geographies together with new inventions on products that are yet to come.

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The fashion industry is growing to understand that sustainability needs are being addressed with resale platforms being an effective route for circular fashion. This makes Archive’s strategy of equipping brands to establish their own resale markets, an approach in step with the current trend and towards sustainability and the opening of new revenue streams for fashion companies.

Future Plans

Archive, with the funding secured, aims to improve resale software by being scalable and user-friendly. This will enable Archive to increase partnerships with fashion brands, thus more companies can easily integrate resale into their business processes. 

The company is also devoted to product innovation, researching new features and technologies that can be used to streamline the resale process and increase value for brands and consumers alike.