Material Exchange to raise €25 million in a Series A round led by Molten Ventures, and joined by Partech, Inventure, Norrsken, Lyra, and Day One Capital.

Material Exchange, a Stockholm, Sweden-based fashion technology company, announced that it completed series A equity financing closed at €25 million ($27.4 million).

The money was raised from investors led by the British investors from Molten Ventures, and joined by existing seed investors Norrsken VC, Partech, Inventure, 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. Payng customers include Ariat, Keen, Caleres, Steve Madden, Deckers Brands, Global Brands Group, Kingpins Denim.

Material Exchange previously raised €5 million in a funding round backed by Norrsken VC and Partech in 2020 and was seeded with $2M from Inventure in 2019. It was also featured on the hottest startup list from Sweden to watch in 2022.