|SEASON 10 EPISODE 17|
|Pitch||Online clothing exchange marketplace|
|Entrepreneur||Janet Wu and Erin Wold-Fettner|
|Asked For||$250,000 for 3%|
What is SilkRoll?
Silk Roll is a unique clothing and handbag swop or trade concept for anyone with an overstuffed cupboard with clothes that may no longer fit. Or those wear once items that haven’t seen the light of day in years.
You can mail in your high-end designer brand clothes (free-shipping on offer) and receive Q points in exchange for them. You can even get them valued before online to see how many Q points you’ll receive.
These Q points are a virtual currency to shop online through SilkRoll for new clothing or accessories — which will get mailed back to you. You can also do straight-up item swaps with like-minded members through the store.
Who Owns SilkRoll?
SilkRoll is the brainchild of co-founder and CEO Janet Wu, along with business partner and friend Erin Wold. Janet, a mother from California who was a former investment banker that worked in both the United Kingdom and Asia at various points in her career.
Erin successfully ran an operations and logistics start-up company, helping them to achieve phenomenal growth over four years.
The idea of SilkRoll started forming in Janet’s mind as she found herself transitioning from one phase of her life or career to another.
Along with these constant changes came the need to change her wardrobe — often from scratch, with designer wardrobes costing thousands of dollars to keep updated.
And so she began to wonder if designer clothing couldn’t take on the form of commodity investments, having trade-in value similar to a motor vehicle, exchanged for credit towards another purchase. This process would also be environmentally beneficial with less throw-away clothing clogging up the landfills.
So in 2018, she set about raising over $100,000 on a crowdsourcing platform to get her business idea up and running. To help the business make money, those interested in the concept must sign up online and pay an annual membership fee or pay a 7% service fee per transaction.
Within a year or so, they’d already seen over $1 million worth of transactions done on their website. So this led them to start looking for investors to help scale the business.