Blockchain Fashion Platform Tex.tracer Raises 1.5 Million Euros in Seed Funding
It is reported that the blockchain fashion transparency platform, tex.tracer, announced the completion of 1.5 million euros of seed round financing, with the p…
It is reported that the blockchain fashion transparency platform, tex.tracer, announced the completion of 1.5 million euros of seed round financing, with the participation of ROM InWest, HearstLab, Joanna Investments and a number of angel investors. Tex.tracer uses blockchain technology, time and geographical location markers, and point-to-point audit functions to collect reliable verification data from major sources.
The blockchain fashion transparency platform tex.tracer completed 1.5 million euros of seed round financing
Interpretation of the news:
Tex.tracer, a blockchain fashion transparency platform, recently announced the successful completion of its seed round financing, raising 1.5 million euros through the involvement of ROM InWest, HearstLab, Joanna Investments, and individual angel investors. This news comes as a promising step for the fashion industry that has long struggled with accountability and transparency in its supply chain processes.
The platform enables fashion brands and retailers to ensure transparency in their supply chains by using blockchain technology, time, and geographical location markers, and point-to-point audit functions to collect reliable verification data from major sources. This enables brands to share reliable and verified information about their products, including the materials used, the manufacturing process, and the environmental and social impact.
This level of transparency in the fashion industry is crucial as it bridges the gap between consumers and brands, helping consumers know more about the products they consume and supporting the products’ authenticity. Transparency in the supply chain is essential as it enables customers to create informed decisions on the products they purchase hence moving towards a more sustainable, eco-friendly, and ethical fashion industry.
The funding enabled by Tex.tracer would help the brand develop its technology, meet the growing demand for transparency in the fashion industry, and aid in expanding into other markets. In addition, the new funding would help Tex.tracer overcome the technical challenges encountered when implementing blockchain technology.
The involvement of HearstLab in the financing round indicates that the media company might be looking to incorporate technology such as blockchain, AI and machine learning in the future. It seems that the technology might be used to mitigate longstanding issues of transparency and accountability within industries Hearst publishes for.
In conclusion, the seed funding provided to Tex.tracer is an indication that the fashion industry is adopting new approaches to supply chain transparency, and the adoption of blockchain technology in the fashion industry is increasing. With the involvement of reputable investment firms in the seed round, it is clear that Tex.tracer has a bright future and that the demand for transparency in fashion is likely to grow further in the years to come.
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