Coop Invest, the corporate venture arm of Coop Denmark, has announced it has invested in circular economy firm create2STAY, which helps businesses return, repair and re-sell products.
Coop Invest has taken a 12% stake in the two-year-old startup, following a million-dollar investment, it said.
Intelligent Software
The investment will enable create2STAY to gain new opportunities to speed up development and expand into more industries, including multi-branded stores.
The company has developed software that handles returns from consumers across Europe and has facilities to receive, repair, clean and photograph products so that they are ready to be sold once again on the brand's existing sales channels.
Climate Action
In this way, brands can help with climate challenges and at the same time maintain their commercial focus.
Create2STAY has already obtained agreements with, among others, 46 fashion companies in Denmark and Germany, including Konges Sløjd, Les deux, lala Berlin and Hummel.
"At Coop Invest, there is a great focus on sustainable business models, and with our investment we expect to be able to spread the concept so that it becomes a standard for how several industries think about the resale of their goods," said application data management director at Coop Denmark, Jan Madsen.
"We have been very impressed by the company's ability to create a scalable software solution that is very simple to implement for brands in Denmark and abroad."
Coop Invest has a digital ecosystem with more than half a million unique weekly users and deals with investments in startups and administration of the portfolio companies.
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