Cision PR Newswire
AMERICA'S FIRST CIRCULAR RETAILER RE-BRANDS AS MANYMOONS
News provided byManymoons
Nov 14, 2022, 6:00 AM ET
RAISES $4M IN FUNDING, OPENS SOHO STORE
NEW YORK, Nov. 14, 2022 /PRNewswire/ -- America's first circular retailer, formerly known as Borobabi, announces today that it is rebranding as "Manymoons." This new name reflects the company's strategic move to clearly convey its eco-conscious value proposition as it broadens its product assortment and expands its online activities and brick-and-mortar footprint with the opening of its flagship SoHo store.
This rebranding comes on the heels of the company's rapid growth this past year, recently capped by the closing of a $4 million capital raise led by Lightbank, the venture capital investment firm founded by Groupon and Tempus founder, Eric Lefkofsky, with participation by Junction Venture Partners and Elizabeth Elting, CEO of the Elizabeth Elting Foundation, and former co-CEO and co-founder of TransPerfect, the world's largest language solutions provider.
"Supporting women-founded startups is a top priority for me, and I knew from the start that Manymoons was something I wanted to back," said Elting, "Manymoons has all the ingredients—cutting-edge technology, eco-conscious values, a vision for the future of retail, and a highly innovative and motivated woman founder."
With a model already successfully proven for children's clothing, and now expanding to women's clothing and accessories, Manymoons leverages technology to create a circular economy. Its commitment to ethical sourcing, reuse, and regenerative disposal techniques demonstrates how waste can be removed from the supply chain, while offering parents an alternative to traditional ownership.
The funding will be used to build out the brand's proprietary technology platform, marketing, and engineering teams, and expand its product portfolio and nationwide presence as exemplified by its retail expansion - including a 5000 square foot SoHo store at 76 Wooster St. As the brand's first "Circularity Lab," the SoHo location will showcase Manymoons' circular retail model while also displaying the ever-expanding product assortment.
"The retail sector is ripe for disruption," said Carolyn Butler, founder and CEO of Manymoons. "As a chemical engineer, I approached the problem from a scientific perspective and was able to envision a business model that is better for the planet than the pervasive 'take-make-waste' linear retail model, and as a mom I know I am solving a difficult problem for parents by making sustainable products accessible through circularity."
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