Loopster, the online platform which closes the loop between the use and reuse of second-hand clothes, has secured a six-figure seed equity funding round led by the Development Bank of Wales.

Investing alongside the Development Bank is business angel Jim Lewcock, who owns the internet-focused venture capital Blue14, and experienced non-executive director and angel investor Kate Methuen-Ley. The funding will help Loopster to further develop and commercialise their technology, enabling their platform to catalogue second-hand clothes faster. The Newport-based company will also use the funding to recruit six members of staff. This process is currently underway.