Depop rival from Norway, Tise scored £8M funding, coming to UK soon

According to the International Journal of Life Cycle Assessment, one kilogram of clothing saved, reused or recycled saves five kilograms of CO2 from entering the environment, thereby significantly reducing unnecessary water use, chemical waste, and greenhouse gas emissions.

This is where the Norwegian social platform Tise comes to play. It enables environmentally conscious consumers to contribute their best by rewarding them for buying and selling second-hand items. Now, the company has raised $11 million (nearly £8 million) in funding to expand into new territories.

The investment round was led by VNV Global, a Swedish investment firm that has previously backed Avito, the most popular classifieds site in Russia, scooter-sharing company VOI, and BlaBlaCar, the leading long-distance carpooling service. Also, Therese Angel from VNV will join the Tise board. The investment follows the $7 million (nearly £5 million) funding that the company raised six months back. With this round, the total investment raised by the company is $25 million to date and is currently valued at $60 million. Already, rival brands that bring sustainabiility in fashion such as Depop and Vinted among others are present in the UK.

Tise will use the funds to strengthen its position as the market leader in the Nordics and expand into larger European territories including Germany, France, and the UK. Already, Tise is revolutionising the way consumers engage with the second-hand market in Norway, Sweden, Denmark, and Finland.

Eirik Rime, CEO and Co-founder of Tise, commented: “We are incredibly excited to introduce our platform to consumers outside of the Nordics. The fast fashion sector is one of the most polluting industries in the world, but recycling clothing, buying and selling items second-hand, and repurposing garments gives items a new lifecycle which helps to end the environmental damage. At Tise, we want to promote, encourage, and incentivise sustainable practices and our recent funding will enable us to reach new markets and consumers who share the same passion for the environment as we do. We’re looking forward to seeing how our new users, ‘Tisers’, interact with our platform, which is another great step towards tackling the wasteful issues within the fashion industry.”

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