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Commercial law firm, Square One Law has advised online rental fashion business, Hirestreet on securing a round of funding from its existing shareholders.
Last year Hirestreet saw revenue growth of 1050%, and saved customers over £500,000 by renting instead of buying. This latest investment round will fund further development of their bespoke rental technology, and additional partnerships with leading retailers.
Square One Law has supported Hirestreet on an on-going basis since its seed investment round in April 2019. The business, which allows its customers, typically 16-to-35-year-olds, to hire outfits for a fraction of the retail price has accumulated over half a million site users in the last 12 months.
Hirestreet allows its fashion-savvy customers to reserve the looks they want for events such as weddings, balls and holidays. Customers wear a dress they love and then return it to allow others to enjoy the clothes in the future.
Isabella West, founder and CEO, Hirestreet said “We believe once customers are allowed to attend events again, they will be looking for a financially friendly, sustainable alternative to buying a dress and wearing it once. Many of our customers have had months’ worth of events re-arranged to the end of the year, and we are already starting to see an increase in bookings from July.”
Isabella continued: “I am grateful to John and the team at Square One Law for their ongoing positivity, responsiveness and pragmatic advice in getting this funding over the line.”
Corporate Partner, John Hammill, said “It comes as no surprise that long-standing client Hirestreet has secured this additional funding. Even in these unprecedented times the business clearly has what it takes to be successful.”