Today, a Swedish fashion-tech startup, Material Exchange, which acts as a comprehensive digital material management solution, announced the closing of a €5 million funding round to accelerate its growth plans. Material Exchange is one of the few lucky startups that has benefited from the ‘new normal’ caused by the pandemic.
The company was started in 2017 by a team of highly experienced entrepreneurs who have one exit under their belts: Plugin76, a fashion software company sold to PTC Inc, a billion-dollar computer software corporation. Together, they are embarking on their next startup journey to redefine the fashion industry and reimagine how the industry interacts with materials.
Material Exchange is driving the industry’s sustainable digital transformation 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.