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Material Exchange raises €5 million for sustainability

30
Nov '20
Pic: Material Exchange
Pic: Material Exchange
Material Exchange has announced the closing of a €5 million funding round to accelerate its growth plans and to drive sustainability in the industry. Founded in Stockholm, Sweden, Material Exchange works directly with the world’s leading retail apparel and footwear brands to analyse, optimise, and digitise their material sourcing and development processes.

The company was started by a team of highly experienced entrepreneurs who have one exit under their belts, Plugin76, a fashion software company that was sold to PTC, a billion-dollar computer software corporation. Together they are embarking on their next start-up journey to redefine the fashion industry and reimagine the way the industry interacts with materials.

Material Exchange is driving the sustainable digital transformation of the industry by creating transparency and improving communication between brands, material suppliers and manufacturers. By streamlining supply chain processes, the company helps reduce the need for physical samples, material wastage, and therefore supports a more sustainable future, the company said in a press release.

The company launched its platform a year ago and today already works with almost 400 suppliers and 50 brands globally including names like Caleres (Dr Scholl, Vince), Bestseller Group (Selected Homme, Jack Jones), Deckers Brands (Uggs, Teva), Global Brands Group (Calvin Klein Shoes), Keen, Camuto Group and Ariat.

The financing round was led by Norrsken (Europe’s largest impact tech fund) and Partech. Other new investors joining the round included Day One and Lyra Ventures. Inventure, which led the company’s first financing round only 12 months ago in November 2019, also participated in the new financing round.

“Our business exploded overnight as the fashion industry realised that with global travel halted, textile fairs cancelled and employees forced to work remotely; fashion brands, suppliers and manufacturers had a pressing need for a solution to source materials and manage relationships with suppliers in a completely digital environment,” Darren Glenister, CEO of Material Exchange said.

“Fashion industry is the second largest polluter in the world, just after the oil industry. We need a radical change across the value chain to make fashion more sustainable. We are excited to back Material Exchange because they are redefining the fashion industry by driving transparency and eliminating waste,” Agate Freimane, general partner Norrsken said.

Fibre2Fashion News Desk (GK)


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