German blockchain fashion traceability platform Retraced raised €1 million ($1.2 million) in seed funding from VC firm Samaipata. The investment will be used to improve the cloud-based solution and expand the company.
The platform focuses on tracing sustainable practices in fashion brands’ supply chains to enhance transparency and accountability. One aspect that distinguishes Retraced is that its solutions aim to help brands achieve their sustainability objectives instead of simply providing sustainable claims on their labels.
With so many scandals about bad practices in the fashion industry, consumer demand for transparency is on the rise. This has been reflected in Retraced’s business. Since the Covid-19 pandemic began, the startup signed deals with 40 new brands across the EU and the US. Furthermore, this round of funding follows another successful one a year ago led by Düsseldorf NRW Bank.
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