News Flash

Singapore's Presstar Capital backs Aware in funding round

18 Jan '24

2 min read

Pic: Presstar Capital

Insights

Aware, initiates funding round with PRESSTAR CAPITAL's impact investment.
The SAFE funding sets the stage for Asian expansion in sustainable textiles.
Aware's 'phygital' traceability system aims to enhance transparency, validating product sustainability.
The partnership signals industry confidence, driving growth and supporting circular practices.

Aware, the groundbreaking blockchain-based traceability platform for sustainable textiles has launched a funding round beginning with a SAFE with PRESSTAR CAPITAL, a Singapore-based impact investor with a singular focus on sustainable textile manufacturing.

Following a successful seed funding round in 2022, this recent SAFE represents a pivotal achievement for Aware. PRESSTAR's investment not only provides immediate capital for Aware but also sets the stage for the funding round which will power Aware’s expansion within the thriving sustainable textiles production industry in Asia.

The founder of Aware, Feico van der Veen, expressed excitement about the alliance with PRESSTAR, stating, “This collaboration is more than a strategic partnership; it's a proof of confidence by industry leaders. We're eager to leverage these resources for continued growth and to encourage brands to offer more sustainable products and embrace circular practices. The textile industry's impact on our world will only lessen when products can demonstrate the use of truly sustainable materials.”

In an industry plagued by challenges in validating textile product sustainability, Aware stands out as the first autonomous traceability platform globally. Seamlessly merging physical and digital tracking, Aware introduces a "phygital" experience, laying the foundation for a circular economy with authentic material data.

Waleed Shafiqullah, managing partner of PRESSTAR, highlighted the strategic move, stating, “PRESSTAR’s purpose is connecting circularity in textile manufacturing, and our investment in Aware aligns with our goal to foster upstream transparency. By partnering with Aware, we invest in a disruptive Digital Product Passport provider, essential for textile products in the EU, enhancing traceability and sustainability. Moreover, we have ensured the robustness of the solution by working alongside Aware for the past two years at CYCLO sustainable fibers, our first portfolio brand.”

As the textile industry transforms, Aware anticipates this accomplishment will solidify its position for the upcoming equity round, fostering continued success and market expansion.