UK-based circular economy platform Twig has received an investment from Global Blue Ventures, just months after it closed its Series A on $35m.
The investment sees Global Blue purchase a minority stake in Twig and expand its RetailTech offering. It will also help it move towards its goal of being a strategic omnichannel partner.
Global Blue is a tourism shopping tax refund company based in Switzerland.
Twig is a “green payment” solution that aims to disrupt reselling by streamlining the process for consumers and helping them discover new wealth through their “bank of things.”
Its market-based algorithm offers an immediate valuation of preloved items and gives instant cash-back to the user’s Twig e-money account. Earnings can be used when buying new goods, either in-store or online.
Twig claims the service lets merchants offer a new payment option that can boost average order value by 85% and conversion rate by 20%.
Twig chief brand and partnerships officer Ben Demiri said, “Our partnership with Global Blue will accelerate Twig’s ability to scale and extend our service, significantly augmenting the consumer, merchant and geographical reach.
“Looking forward, Global Blue and Twig share many of the same philosophies and ambitions when it comes to the retail landscape of the future, and we’re very pleased to be joining forces to drive these ambitions forward. As a partner, we are truly excited to bring a new wave of payment innovation to the Global Blue ecosystem.”
Twig’s Series A was backed by Fasanara Capital, with support coming from executives from LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay.
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