Retraced Raises €15M to Enhance Fashion Industry Traceability with Blockchain Technology
Investment Overview:
- Amount Raised: €15 million ($16.6 million)
- Investment Round: Series A
- Company Name: Retraced
- Industry: Fashion and Textile, Consumer Goods
- Geography: Germany
Technologies Used:
- Blockchain: Ensures a secure, immutable record of product origins and processes, enabling transparency in the fashion and textile supply chain.
- Cloud-based Traceability Tool: Provides real-time tracking of apparel products from production to retail, helping brands improve supply chain visibility and sustainability practices.
ESG/Sustainability Issues Addressed:
- Supply Chain Transparency: The platform empowers fashion brands to trace their products’ lifecycle, ensuring responsible sourcing, ethical labor practices, and reducing the environmental impact of their operations.
- Waste Reduction: Helps brands meet new regulations in the EU requiring the collection and recycling of textiles, addressing the issue of waste in the fashion industry.
Relevant SDGs:
- SDG 12 (Responsible Consumption and Production): Retraced’s traceability tool helps fashion companies manage resources efficiently, reduce waste, and promote sustainable production patterns.
- SDG 9 (Industry, Innovation, and Infrastructure): By offering an innovative blockchain solution, Retraced supports resilient and transparent infrastructure in the fashion and textile industry.
- SDG 8 (Decent Work and Economic Growth): The platform ensures ethical labor practices by improving supply chain transparency, which supports fair working conditions in manufacturing.
Investment Details:
The fashion and textile industry is under increasing pressure to address sustainability and ethical concerns, particularly in response to the environmental harm caused by fast fashion and opaque supply chains. The industry generates millions of tons of textile waste annually, with only a fraction being recycled. This waste often ends up in landfills or is incinerated, contributing to environmental degradation. Additionally, consumers and regulators are pushing for more transparency in how clothes are made, demanding that brands adhere to higher environmental, social, and governance (ESG) standards.
Retraced, a startup founded in 2019, aims to tackle these challenges with its blockchain- and cloud-based traceability platform. The platform allows apparel companies to track their products’ lifecycle from production to retail, providing detailed insights into the materials, processes, and people involved. By offering this level of transparency, Retraced helps fashion brands ensure responsible sourcing, reduce waste, and comply with new EU regulations that require textile companies to recycle more of their products.
The €15 million raised in a Series A funding round led by Partech will allow Retraced to expand its platform internationally and continue improving its technology. Other participants in the round include Alante Capital, Alstin Capital, Samaipata, and F-Log Ventures. With growing support from the fashion industry, including partnerships with brands like Marc O’Polo and S. Oliver Group, Retraced is well-positioned to help apparel companies meet their sustainability goals and build stronger relationships with their suppliers and customers.
Investors:
- Partech (France)
- Alante Capital (USA)
- Alstin Capital (Germany)
- Samaipata (Spain)
- F-Log Ventures (Germany)
Source: Securing Industry
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