Tex.tracer raises €1.5 million in seed funding for blockchain fashion transparency platform

03/07/2023 12:49 • Blockchain Buzz • 144 views

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

Interpret the above information:

Tex.tracer, a blockchain-based platform dedicated to promoting sustainability and transparency in the fashion industry, has successfully closed its seed round financing, raising €1.5 million. The funding was led by ROM InWest, and also saw participation from HearstLab, Joanna Investments, and a group of angel investors.

The platform aims to address the numerous challenges and negative impacts associated with the fashion industry, including unethical practices, unsustainable sourcing, and lack of transparency. By utilizing blockchain technology, Tex.tracer is able to collect and verify reliable data from major sources, including production facilities and supply chain partners.

One key feature of the platform is its point-to-point audit function, which enables individual products or batches to be traced along the supply chain, from raw materials to finished product. This provides customers with greater transparency and peace of mind, as they can be assured of the ethical and sustainable practices behind the clothing they purchase.

In addition to enhancing transparency, Tex.tracer also aims to incentivize more sustainable practices within the fashion industry. By providing companies with data on the environmental and social impact of their practices, the platform encourages greater accountability and drives positive change.

Tex.tracer’s successful fundraising round is a positive sign for the growing role of blockchain technology in promoting greater transparency and sustainability in various industries, particularly fashion. With increasing consumer demand for ethical and sustainable fashion options, platforms like Tex.tracer are well-positioned to drive industry-wide change towards more sustainable practices.

Overall, Tex.tracer’s innovative use of blockchain technology and focus on transparency and sustainability make it a promising solution for transforming the fashion industry, and the recent funding round is a strong indication of its potential impact.

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