Haarlem/Amsterdam, March 8, 2023 – Social enterprise tex.tracer today announces an investment of €1.5 million by ROM InWest, HearstLab Europe, Joanna Invests and several venture capitalists. The seed capital will enable tex.tracer to further develop the creation of a transparent fashion ecosystem.
Because the startup reliable data and has the knowledge and experience to play an important role in the field of sustainability transparency, ROM InWest is making this investment from its SME fund. The investment contributes to multiple sustainable development goals.
Podcast
Listen on Spotify or Apple Podcasts to the interview that Jolanda Kooi of tex.tracer and investment manager Isabel van Nesselrooij of ROM InWest had with the PIM Podcast of the Investment-ready Innovative SME Program of the province of North Holland. Video and photo material of this interview download here.
Tex.tracer works on an independent verification of the fashion production chain and product information. It collects and analyses reliable data such as time and geolocation stamps using blockchain technology and pear-feedback. This data is analyzed at different levels. The company, which was founded in 2021 by Jolanda Kooi and Bart Westerman, facilitates the fashion and textile industry in making conscious choices in the production and purchase of clothing. Consumers are also better informed about where and how products are made. In addition, tex.tracer enables brands and retailers to comply with future laws and regulations and achieve the climate-neutral targets for 2050.
With over 50 brands, including MUD Jeans, State of Art, Livera and Fabienne Chapot, and insight into many more suppliers, tex.tracer has acquired a significant market share in the Netherlands. The investment will be used to further develop and automate the SaaS platform and to grow the company internationally.
Reliable data with climate neutral targets
Lead investor ROM InWest is happy to join tex.tracer's mission. Janet Nieboer, CEO of ROM InWest: "The future is about reliable data and that is what tex.tracer offers. The tex.tracer team has the knowledge and experience needed to play an important role in the field of transparency." Kenan Packman of HearstLab agrees: “A technology company in the fashion industry led by a predominantly female team aligns with HearstLab’s ambitions. We’re excited that tex.tracer is empowering consumers to make informed decisions.”
“The company’s mission to create a better fashion industry puts the European Green Deal and climate neutral targets into practice. The team is led by a female founder. We are therefore happy to invest in tex.tracer,” adds Claire Tange of Joanna Invests.
A better fashion industry
The tex.tracer team has over 40 years of experience in the textile industry and knows from experience that transparency is the basis for change in the industry. “Our mission is to create a better fashion industry. tex.tracer supports companies with analyzed data, so they can more easily collaborate with suppliers to achieve their sustainability goals,” says tex.tracer-CEO co-founder Jolanda Kooi.
