UAE-based fashion brand The Giving Movement has announced the closing of its $15 million Series A funding round from venture capitalist firm Knuru Capital alongside other investors from Europe, the Middle East, Africa and Asia.
The activewear and loungewear brand will use the funds to extend its product range to stock childrenswear and babywear, and to expand into international markets.
The investment comes after The Giving Movement introduced formalwear earlier this year.
“We are proud to be partnering with such value-add investors and to have built a brand in over two years on such an authentic consumer promise,” Dominic Nowell-Barnes, founder and chairman of The Giving Movement said.
“Even more so, to have done this from our home in the UAE.
“As we expand into new categories and into new markets, quality capital will allow us to remain true to our purpose and to take our ethos global, while continuing to serve our loyalists and community stakeholders.”
Founded in early 2020 with the mission ‘to give back’, The Giving Movement donates AED15 to local charities for each item sold.
As of December, the brand has donated more than $1 million for Dubai Cares and Harmony House India.
The Giving Movement maintains a sustainable supply chain with the manufacturing process running solely in Dubai and using only recyclable and biodegradable materials.
“By producing the clothes locally in the UAE, we could not only support the local economy but we could ensure the clothes were made ethically under our watch,” Nowell-Barnes told Emirates Woman.
Alain Dib, co-founder and CEO of Knuru Capital, believes The Giving Movement’s commitment to sustainability will grow and more fashion brands will follow suit.
“We are most excited to be part of the next phase of this great journey. The Giving Movement represents the best of what we see as this next, permanent wave in fashion,” he said.
“Consumers care about purpose, about circularity and about the environmental impact of what they wear. Dominic and his team combine a very strong business performance with a deeply rooted stance on community and human values in equal measure.”
