91. LOANHOOD

Sustainability Award Shortlisted

Whether in its business operations or its business model, the winning startup will be a sustainability leader that prioritises the health of the planet as part of its company mission.

Startups 100: Sustainability Award

Founders: Lucy Hall, Jace McSorley and Jen Charon
Founded: 2022
Website: loanhood.com

Today’s Gen Z (consumers born after 1996) shoppers are in a Catch 22. They want to be more eco-friendly, but are surrounded by affordable fast-fashion brands and ever-changing social media trends.

So how do they stay in vogue, while at the same time reducing consumption?

It’s a problem that LOANHOOD is here to solve. Founders Lucy Hall, Jade McSorely, and Jen Charon spent their careers in the fashion industry and saw first-hand how unsustainable the sector had become.

How can Gen Z stay in vogue, while at the same time reducing consumption?

Collectively, they decided to use their skills to disrupt, improve and inspire change, and began building LOANHOOD – the go to brand for Gen Z in the super-hot fashion rental space.

Run as a social marketplace, London-based LOANHOOD users upload their items to be lent out to renters for a fraction of the retail price. Unlike other used clothing apps, LOANHOOD has also partnered with Hackney Council and universities across the UK to host physical, in-person clothes swaps and encourage its budding community to engage with the circular economy.

“Our real partners are our community,” says co-founder Hall, “we are passionate about supporting the next generation of change makers.”

Collectively, they decided to use their skills to disrupt, improve and inspire change

All three founders can count themselves in that category. At less than a year old, LOANHOOD already boasts a list of accomplishments long enough to hang in a wardrobe.

The company has grown 103% since its app debuted in July. Plus, it’s partnered with Graduate Fashion Week and the London College of Fashion to support over 80 emerging designers by giving them a wider audience platform. The app also earned a £5k grant as part of the Lambeth Net Zero program, which it will use to action its sustainability plans for the next 12 months.

Much like that old shirt you forgot you bought last Christmas, we’re thrilled to find LOANHOOD in the Startups 100 Index 2023. Download it while stocks last.