Together, with our circular economy focus and joint expertise in the market, we are excited to deliver the next generation of resale one that is green and furthermore combines with banking and personal finance seamlessly'. ''I welcome Loopster and Jane into our Twig family. Loopster will be incorporated into Twig and will be able to offer its customers the next generation of circular services. Through the strategic synergy across the two businesses, Twig aims to incorporate the Loopster expertise by further fine-tuning and elevating the service to its users, powered by the circular economy. Loopster, the first managed marketplace in the UK, developed a streamlined approach in buying and selling secondhand fashion by paying users upfront in exchange for their unwanted clothes. Twig is a London-based, next generation fintech and banking app that allows users to trade their fashion or electronic items for instant cash. Sign up to our daily BusinessLive Wales newsletter.LONDON-( BUSINESS WIRE)-Twig Group Ltd is pleased to announce the acquisition of Loopster Ltd, a second-hand clothing marketplace for an undisclosed amount. Investing alongside the development bank as the led investor in last year's seed fund, were business angel Jim Lewcock, who owns the internet-focused digital marketing and investment firm, Blue14, and experienced non-executive director and angel investor Kate Methuen-Ley - who recently was appointed to board of the development bank. Any proceeds from the company administration will be distributed to the company’s creditors according to priority.” "A crowdfunding campaign to secure private investment to match further capital from the development bank failed to reach its target and as a result the business has entered voluntary liquidation. "The investment was to support the development of its platform to resell second hand clothes, extending the life of fashion garments and reducing their environmental impacts. In a statement the development bank said “In June 2020, the Development Bank of Wales made a six-figure seed equity investment into Loopster alongside a number of business angels. The business had sold more than 12,000 clothing items since launch and was projecting to be become a multimillion-pound turnover business having seen revenues growing 400% over the last year.
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