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Blockchain start-up 'Retraced' raises 1 million euros in sustainable business

YarnsandFibers News Bureau 2021-02-05 18:13:34 – Germany

German start-up Retraced, with its advanced technology, collects all the data involved in the value chain of fashion brands and thus shows transparency. 

Through this many fashion companies will have access to innovative tools and methodologies to check and optimize their supply chain performance. Even customers can learn about their purchasing behavior, how that influences the environment in one way or the other and about the lives of the people involved in the production of the products they are buying. European VC firm Samaipata supports Retraced with 1 million euros in seed funding. These funds are to accelerate the company's expansion and implementation in the apparel industry and majorly focuses on sustainability, transparency and impact management. Despite the pandemic, Retraced has been successful in bringing 40 new brands onboard from Europe and the US, and promised to improve their supply chain performance and achieve sustainable development goals. Philipp Mayer, co-founder and CPO of Retraced, says clients having a sustainable approach come to them and they provide them with the necessary information, efforts and evaluation to make them progress in their direction.

They have been very successful with their management tools, assessments, communication widget with customers and core functions to help them get actionable overviews; and they're still working to improve it. Nowadays the fashion industry is interested in stepping into digitalization and transparent value chains. The young Start-up has taken a challenge to set up transparency compliance and social responsibility within the fashion industry amidst the crisis.  They are thrilled to have Samaipata as an investor. 

 Lucas Pünder, co-founder and CEO of Retraced, appreciates the partnership and also expresses that the expertise of Samaipata in the digital platform will help them grow and get closer to their sustainable vision and they will make 2021 a year of change and action for the fashion industry.

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