Norrsken, Partech lead €5m round for Material Exchange

Other new investors joining the round included Day One and Lyra Ventures. Inventure, which led the company's first financing round in November 2019, also took part.  

The startup, launched last year, said it has accelerated its fundraising plans to seize the opportunity created by the pandemic and scale rapidly. "The Covid-19 pandemic has accelerated the digitalisation of the industry by at least five years," said Darren Glenister, CEO of Material Exchange. "We can't afford to lose momentum."

According to Crunchbase, the startup has raised $8.2m in total funding. 

Previous funding
The company raised $200,000 in pre-seed funding between March 2017 and May 2018. In November 2019, Inventure led a seed funding round of €2m for Material Exchange. 

Company
Founded in 2019 and based in Stockholm, Material Exchange is a fashion software developer, helping apparel and footwear brands to analyse, optimise and digitalise their material sourcing and development processes.

The company counts Ariat, Keen, Caleres, Steve Madden, Deckers Brands and Global Brands Group among its customers. The company has around 50 staff. 

People
Material Exchange – Darren Glenister (CEO).
Partech – Romain Lavault (general partner).
Norrsken – Agate Freimane (general partner).

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• Topics
• Early-stage
• Nordics
• Technology
• Partech Ventures
• Sweden
• Nordic venture
• Inventure