€5m for digital sourcing platform
Swedish fashion tech company Material Exchange has closed a €5 million funding round to boost its material sourcing platform.
With travel between brands and suppliers limited due to the pandemic, the software offers options for communication and remote sampling, and has been adopted by some footwear groups.
The company says the reduction of physical samples also means less material wastage and a lower carbon footprint.
Darren Glenister, CEO of Material Exchange (pictured), said: “Our business exploded overnight as the fashion industry realized 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.”
Material Exchange launched its platform a year ago and works with almost 400 suppliers and 50 brands including footwear groups Caleres (Dr Scholl, Vince), Deckers Brands (Uggs, Teva), Global Brands Group (Calvin Klein Shoes), Keen, Camuto Group and Ariat.
