tex.tracer the fashion transparency platform raises 1.5 million euros in seed funding to accelerate growth

tex.tracer today announced an investment of 1.5 million euros from ROM InWest, HearstLab, Joanna Invests and angel investors.

Tex.tracer: what you need to know

Founded by Jolanda Kooi and Bart Westerman in 2021, the SaaS platform enables retailers and fashion and textile brands to take action based on the true data to meet the EU Net Zero goal for 2050 by giving access to their value chain. tex.tracer facilitates companies to become compliant with new rules and legislations such as the EPR, CSRD and Digital Product Passport, which are turning supply chain transparency into a requirement for any business.

The majority female team at tex.tracer has a combined 40 plus years’ experience in the textile industry and has learned from experience that transparency is the basis for necessary change in the industry. “It is our mission to create a better fashion industry. tex.tracer supports companies with verified data so they can work with suppliers to reach their sustainability goals,” says tex.tracer co-founder and CEO Jolanda Kooi.

The need for verified transparency

Digital solutions are a driving force to a more sustainable economy, as data and technology enhance much needed transparency in the fashion industry. Tex.tracer collects verified data by using blockchain technology combined with time- and geolocation stamps and peer-to-peer reviews to collect reliable data from the primary source. Taking simplicity to heart, the company allows supply chain partners to use the easy-to-use web app to upload company and product data. Consumers are also empowered to make educated decisions via the on-product QR code and online store widget, where they can follow the product’s journey.

Once data is collected, the company empowers brands and suppliers to improve their value chain on environmental and social level by improving their partners’ social standards and reducing product footprint.

Partners

Lead investor ROM InWest is pleased to join in the mission of tex.tracer. ROM InWest CEO Janet Nieboer: “The future is about verified data and this is what tex.tracer provides. The tex.tracer team has the knowledge and experience to be an important player in the transparency field.”

HearstLab Europe General Manager Kenan Packman agrees “A tech company in the fashion industry lead by a mostly female team matches the vision of HearstLab. We love that tex.tracer enables consumers to make educated decisions”. “The company’s mission to create a better fashion industry is putting the EU Green Deal and net zero goal for 2050 into practice and is led by a female founder. We therefore happily invest in tex.tracer,” adds Claire Tange of Joanna Invests.

With over 50 brands – including MUD Jeans, State of Art, Livera and Fabienne Chapot - and insight into many more suppliers, the company has obtained a substantial marketshare in the Netherlands. The investment will be used to further develop and automate the platform and grow the business internationally.

About tex.tracer

tex.tracer offers a tech4good SaaS transparency solution that enables brands and retailers to comply with upcoming rules and legislation whilst reducing the workload of compliance teams and building brand value. It allows companies to reach the EU net zero goal by 2050.

The platform connects brands with suppliers and other stakeholders. From raw material to warehousing, suppliers submit product journey data directly into the platform. Using time- and geolocation stamps, peer-to-peer reviews and blockchain technology, data is verified at different levels. With reliable insights, the platform empowers the fashion industry to collaborate and make educated decisions, so people, planet and profit can be distributed honestly. Website: tex-tracer.com Press contact: hello@tex-tracer.com

About ROM InWest

ROM InWest is the regional development agency of the province of North Holland. The team is passionate about helping companies with investments, innovation and furthering development. The energy transition and the transition to a circular economy are important themes for ROM InWest. It is solution-oriented and has cooperation, innovation and sustainability as its core values. We are a young and unique agency in the region. Website: rominwest.nl

About HearstLab

HearstLab’s mission is to close the gap in venture capital funding for women by helping founders build healthy, sustainable and highly scalable businesses. It does this by being an early investor in women-led ventures, providing cash investment and support to their startups. HearstLab exclusively invests in women-led and co-led companies and provides networks and resources to accelerate the growth of their businesses. HearstLab was established by Eve Burton, Executive Vice President Hearst, and has funded over 55 companies since its inception in 2016. Website: hearstlabeurope.com

About Joanna Invests

Joanna Invests believes that investing is for everyone. The company’s founder, Claire Tange, has extensive experience working with startups as CFO (for a.o. Fastned and Dott), is an active (angel) investor herself and wants to create a more equal and inclusive investment world. Easy access to investment opportunities is crucial to achieve that. In her own words: “We are on a mission to reduce both the gender funding gap and the gender wealth gap by introducing more women to angel investing.” The team at Joanna Invests focuses on funding early-stage female-founded companies that change the world. Website: joannaninvests.com