Material Exchange Raises €25M In Series A Funding
Material Exchange, a Stockholm, Sweden-based provider of a a B2B SaaS-enabled marketplace, raised €25M in Series A funding.
The round was led by Molten Ventures, with participation from Partech, Inventure, Norrsken, Lyra, and Day One Capital.
The company intends to use the funds to accelerate growth of its product suite and step up recruitment as it hires world-class talent across a range of specialities.
Led by Darren Glenister, CEO and Founder, Material Exchange is an international virtual marketplace to transform the materials sourcing process and simplify complex relationships between footwear and apparel brands and material suppliers. The company’s platform consists of a marketplace for connecting brands with a curated network of suppliers; a Brand Material Management System for organizing materials and collaborating with stakeholders, and 3D scanning for creating accurate visuals.
The company recently announced Lucienne™ – is an AI tool that automatically creates an infinite number of unique prints and patterns.