Material Exchange is an international virtual marketplace that aims to transform the materials sourcing process and simplify complex relationships between footwear and apparel brands and material suppliers. Its B2B SaaS platform includes 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™, an AI tool that automatically creates an infinite number of unique prints and patterns. Based in Stockholm and led by CEO and Founder Darren Glenister, Material Exchange intends to expand its product suite. It raised €25M in a Series A funding round to accelerate growth of its product suite and step up recruitment. The company plans to hire world-class talent across a range of specialties to support those efforts. Material Exchange offers a digital material-management solution that centralizes master data and supplier interactions for fashion brands, suppliers and manufacturers. The platform aims to reduce the need for physical samples and material waste, supporting a more sustainable value chain. Material Exchange launched its platform a year ago and already works with almost 400 suppliers and 50 brands globally, including Caleres, Bestseller Group, Deckers Brands, Global Brands Group, Keen, Camuto Group and Ariat. The company was founded in 2017 by a team of experienced entrepreneurs with a prior exit (Plugin76 sold to PTC Inc.). CEO Darren Glenister says the COVID-19 pandemic accelerated demand as the industry moved to remote sourcing and digital workflows. To accelerate growth and seize the post-pandemic opportunity, the company closed a €5 million funding round to scale its product and commercial efforts. Material Exchange Ventures operates a SaaS platform that enables footwear and apparel brands to create, develop and source materials in a more sustainable way by connecting suppliers and buyers in a digital material marketplace. Its online catalogue lets brands find on-trend materials in seconds and reduces the need for physical swatch books and samples. In the past year over 100 material suppliers have joined the platform, and more than 50 brands — including Jack Jones, Steve Madden, Uggs, Champion and Camuto Group — have signed up. The company raised a $2 million seed round led by Inventure and will use the investment to open a sales and technical support hub in mainland China as part of plans to expand into Asian markets. CEO Darren Glenister said the expansion will strengthen supplier relationships and give brand designers, material teams and product developers access to a comprehensive digital material library. The platform's stated goal is to bring digital transformation and transparency to the fashion supply chain and create a more sustainable speed-to-market for products.

Total raised

$35M

Funding rounds

3

Latest round

Series A

Latest activity

Apr 2022