Material Exchange lands €5m to accelerate its growth
Material Exchange, the world's most comprehensive digital material management solution, revealed that it has raised €5m in a new funding round led by Norrsken VC and Partech! At Partech, we are so proud to add this exciting and dynamic company to our portfolio.
“Our business exploded overnight as the fashion industry realized that with global travel halted, textile fairs canceled 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.” said Darren Glenister, CEO of Material Exchange.
Material Exchange is revolutionizing the digitization of the fashion industry though their database which contains over 40,000 digital materials from a multitude of the world's most recognized material suppliers. Their solution improves the communication line between manufacturers, brands and supplies by reducing the need for samples leading to a more environmentally friendly relationship between the three parties. The digitization of the fashion industry has been sped up by the pandemic and Material Exchange will look to use these funds to rapidly scale up their solution to meet the enormous demand.
Sustainable fashion has been growing in prominence throughout 2020 as companies begin to reflect on their previous practices during the pandemic. Material Exchange is at the front of innovation in this field and their solution has already been adopted by household names such as Uggs, Jack Jones and Selected Homme.
This new investment is getting our team very excited, Romain Lavault , General Partner at Partech remarks “B2B supply chains are being re-invented as a result of this crisis and Material Exchange is positioned to be the Platform of choice where Fashion Brands find and meet their Suppliers, where all Master Data reside and where commercial transactions happen, in a fully digital environment integrated to critical business systems on both sides. We are thrilled to partner with Material Exchange and help them unlock the incredible potential for their clients, not only economically but also for the common good!”
What an exciting time to part of Material Exchange's journey, we can't wait to see what the future has in store for them.