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

Tise

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.

Ambitious UK expansion plans

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.

Strong plans to expand 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.”

Per Brilioth, CEO of VNV Global, commented: “Tise fits the profile of a company with genuine potential to become global leaders in its space, with a fantastically strong founding team, inherent network effects and huge scalability. It’s clear to see that consumers are becoming increasingly conscious about how and where they purchase their clothes and everyday items, and the Tise platform is perfectly positioned to tap into this new movement by helping people make more sustainable choices. We’re very proud to be part of the Tise journey and we look forward to supporting Eirik and the team through the next stages of growth.”

Tise
Image credits: Tise

Sustainability and fashion!

Founded by Eirik Rime and Axel Franck Næss, Tise is unique in its way and combines the best aspects of a social network with the functionality of a classifieds site. Sustainably-minded users are rewarded with in-app incentives, which encourages them to engage and interact with the platform and other Tisers who share the same positive ethos. Eventually, Tise has been able to quickly build a passionate community of active and conscientious users, thereby helping to champion a more ethical and sustainable way of shopping.

The platform is propelled by Tise Cash, its in-app green currency, which can be accumulated and redeemed by users in multiple ways. A Tiser can collect Tise Cash each time they post an item to resell, buy an item, follow a fellow Tiser, gain a follower, receive ‘likes’ on their items, or by answering quizzes and voting on topics. Tise Cash can be spent in the Tise Cash Store on rewards promoted by partner deals such as two months of free Viaplay, a Nordic Netflix-alternative, and free trips with VOI, the e-scooter company.

On purchasing an item with their Tise Cash, users will receive a code to give them access to their reward of choice. With the platform predominantly being used by Millennial and Gen Z age groups, the gamified rewards system keeps users engaged with the platform and returning for Tise’s continuous, sustainable benefits.

With nearly two million users, Tise is inspiring users to reframe their spending habits by making second-hand fashion social, fun, accessible, and more sustainable. The app lists over seven million items to date under categories including Fashion & Wearables, Interior & Furniture, Outdoor, Art & Design, Children, Devices & Audio, and Hobbies.