Material Exchange closed a €5 million funding round backed by Norrsken VC and Partech.

Material Exchange, a Stockholm, Sweden-based fashion technology company, announced that it completed a funding round of €5 million ($6M).

The money was raised from local Swedish and international investors, led by Norrsken VC and Partech. Other contributors in the round included existing shareholder Inventure and Day One and Lyra Ventures.

Material Exchange, founded in 2017 and led by CEO Darren Glenister, built an analytics platform used by retail apparel and footwear traders to analyse, optimise and digitise their material sourcing and development processes.

The Material Exchange database has about 40,000 digital materials from some of the largest material suppliers in the world including, Clarino, Tiong Liong Corp, Kuraray and over 350 more.

Payng customers include Ariat, Keen, Caleres, Steve Madden, Deckers Brands, Global Brands Group, Kingpins Denim.

Material Exchange previously raised $2M from Inventure in 2019.