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Tuesday, March 21, 2023

Swedish digital material platform raised €25M in a Series A round

Stockholm-based platform Material Exchange has raised 25 million euros in a series a funding round by Londoner Molten Ventures. This Series A round saw participation from the previous seed investors including PartechInventureNorrskenLyra, and Day One Capital all participating. The B2B sourcing platform enables brands to showcase and navigate their collections in the best possible way. The funding will contribute the company’s mission to reach a global leader status by building a bridge between supplier and buyers in terms of sustainable way of sourcing apparel and footwear material in one single digital marketplace.

About Material Exchange

The Material Exchange journey began in August 2018, when a collection of forward-thinking industry experts and pioneers in digitalization and supply chain innovation began to reimagine the way the footwear and apparel industries interact with materials. Material Exchange will be the company to deliver transformational change within the fashion “sourcing” industry through in their Marketplace. They will deliver unprecedented levels of quality and transparency whilst enabling the fashion industry to sustainably grow for the future.

The very essence of Material Exchange’s operations is grounded in sustainability principles. Every decision made is done with environmental, social, and governance (ESG) values in mind in an effort to improve the planet and its future. As the world’s largest corporate sustainability initiative, the UN Global Compact and all participants are working toward a goal of mobilizing companies worldwide to align with principles that uphold human rights, environmental protection, labor rights, and anti-corruption. Material Exchange is proud to join this esteemed movement and let it shape their approach to doing business.

Material Exchange, Darren Glenister“With this round, we’re able to accelerate our mission of leading the global revolution to sustainable, transparent apparel and footwear material sourcing by aggregating fragmented data into one digital solution,” commented CEO and co-founder Darren Glenister. “We believe the shift will ultimately have the greatest impact for brands and suppliers as well as end-consumers.”

Material Exchange, Molten Ventures, Nicola McClafferty“With Material Exchange, we see a significant and largely untapped opportunity in digitizing the highly complex and offline fashion supply chain. The need for transparency and sustainability as well as ongoing supply chain disruptions are proving to be powerful forces for accelerating the structural trend of digitisation of sourcing workflows for both brands and suppliers in the apparel industry,” commented Molten’s Nicola McClafferty.

Click here to read more funding news.

Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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