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STOCKHOLM – Swedish fashion tech start-up Material Exchange has secured €5m following a successful funding round, the proceeds from which will be used to accelerate the firm’s growth plans.  

Material Exchange works with businesses including Bestseller, Uggs and Dr Scholl which leverage its solution to digitise and optimise their material sourcing and development processes, reducing physical samples and streamlining manufacture.

“Our business exploded overnight as the fashion industry realised that with global travel halted, textile fairs cancelled and employees forced to work remotely; – fashion brands, suppliers and manufacturers had a pressing need for a solution to source materials and manage relationships with suppliers in a completely digital environment,” said Darren Glenister, CEO of the company.

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