Future Closets AB to raise SEK 20 million from Pale Blue Dot, J12 Ventures and Luminar Ventures

Future Closets AB, a Stockholm, Sweden-based startup building a platform for clothing rentals, announced that it completed a SEK 20M ($2.4M) capital funding round.

The money was raised from investors from Sweden, led by Pale Blue Dot and including contributions from the existing investors J12 Ventures and Luminar Ventures.

The proceeds will be used to fuel the company's ambitions to operate outside Sweden.

Future Closets AB, founded in 2019 by Lisa Gautier and Mikaela Larsell Ayesa, developed a website called hack Your Closet which provides a subscription based service for renting out clothing items. The company claims to have a climate-oriented hack as it says it wants to open several warehouses in strategically selected areas in order to be able to reach as many customers as possible and thereby limit transport distances.

Future Closets AB previously raised $440k from Swedish angel investors in 2020.