In its pursuit of rapid growth, UK rental and resale app By Rotation has raised three million dollars in seed funding, in a round led by venture capital firm Redrice Ventures.
Founded by Eshita Kabra in October 2019, the platform has attracted a community of over 200,000 lenders and renters across the UK.
In a press release, By Rotation said that the app has “become a source of secondary income for many of its users, with some making over 2,500 pounds per month lending out their wardrobes”.
Regular updates and new features introduced to the app, including Lender Activity, aim to encourage strategic spending habits and allow users to track trending brands and articles.
Often dubbed as ‘the Instagram of fashion rental’, according to the release
“By Rotation's P2P focus allows for an obsessive commitment to serving its community,” said Tom March, founder of Redrice Ventures.
March continued: “The result is a super loyal family of renters and lenders with the highest standard of user-led quality control. Above all, what truly binds this purpose-driven community is a shared thirst for joy - there is a deficit of hope out there, so time for ‘Rotators’ to spread the joy.”
Redrice Ventures, which has previously invested in digital marketplaces, boasts a team of established professionals in the area, including former Saatchi & Saatchi CEO, Robert Senior, and Riccardo Pozzoli, an early stage board member of Depop.