Thriftify to create 20 new jobs after securing €1.6m investment

Rónán Ó Dálaigh, chief executive of Thriftify, said: 'Investment in impact-driven companies is hard to come by, so this investment is a major boost not only to us, but to all entrepreneurs and companies whose priority is a sustainable, impactful future.'

Online retailer Thriftify has secured a €1.6m investment deal and will hire 20 new staff as the company plans to expand.

The new roles will be created over the next 12 months and the hires are planned to be in the areas of tech, e-commerce, sales and marketing.

The Irish company, founded in 2018, is an online retailer for charity shop contents. The company acts as an e-commerce site for 98% of Irish charity shops.

The company agreed the €1.6m investment deal, led by HBAN Impact Syndicate, with participation from Themvar VC and leading angel investors. 

Thriftify prices second-hand goods and markets them online across several e-commerce sites such as eBay, Facebook and Depop as well as its own site, enabling charities to sell items quickly and efficiently.

The investment and expansion follows a period of ongoing success in the UK market for Thriftify. The company has grown about 300% each year since its launch.

Rónán Ó Dálaigh, chief executive of Thriftify, said: "Investment in impact-driven companies is hard to come by, so this investment is a major boost not only to us, but to all entrepreneurs and companies whose priority is a sustainable, impactful future. 

As a team, we're absolutely thrilled to have the resources we need to fundamentally change the fashion industry." 

Mr Ó Dálaigh added: "We've been boot-strapped and lean for a long time and while we'll still stay true to that, we're going to invest in some remarkable new hires and areas that we know are going to generate a major impact, so overall it's definitely the most exciting period in our journey so far."

Yvan Gouttebelle, HBAN said: "The HBAN Impact syndicate is delighted to support Thriftify's innovative sustainable business model and future growth. 

"HBAN's investment in Thriftify is a clear sign that Irish business angels are dedicated to solving sustainable development goals for the Irish economy and beyond. While this is a strong start, more angel impact investing is needed," Mr Gouttbelle added.

The company aims to have all registered charity retailers in Britain selling on Thriftify's website by the end of 2023.

Thriftify has offices in both Dublin and London and currently employs 30 people full-time across several countries including Ireland, Britain, Moldova, India, Pakistan and Spain.