Recovo, a textile waste start-up, has secured investment from Mango, a Spanish clothing company for selling deadstock fabric that would otherwise be considered textile waste.
Recovo offers a company strategy that uses technology, traceability and community involvement to promote a circular economy. The start-up, founded in 2021, now participates in the Mango Startup Studio acceleration process, in which entrepreneurs receive training on the purchase and sale of textiles in a major fashion company, product architecture and UX for a personalized experience, the development process and architecture of an own marketplace, in addition to recommendations for the creation of a Recovo logo that will be recognized by the industry.
Recovo claims that it has saved 9 million liters of water so far through its reusing initiative versus newly produced materials. However, critics believe that deadstocks are not as sustainable and eco-friendly as it is generally believed in the industry.
Mango has taken the initiative to enhance its contribution towards sustainability, which according to the experts is a timely move. A convertible equity loan from Mango will be used to help Recovo’s textile waste business as part of the deal.
The whole idea behind the effort is to promote innovation in Mango, opt for new growth opportunities, and contribute to the development of new technologies or business models. The plan also includes mentoring sessions, training and collaboration, so that the meetings with the entrepreneurs help to foster networking.
