The blockchain fashion transparency platform tex.tracer completed 1.5 million euros of seed round financing

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.

Interpretation of this information:

The recent announcement of the completion of 1.5 million euros of seed round financing by the blockchain fashion transparency platform, tex.tracer, has been reported. The financing round saw participation from ROM InWest, HearstLab, Joanna Investments, and select angel investors.

The platform is focused on utilizing blockchain technology to create a transparent and accountable fashion industry. Te.xtracer achieves this feat by deploying time and geographical location markers and point-to-point audit functions that utilize major sources of data to enable the collection of reliable verification data.

This latest funding round is expected to help the company scale its operations and expand its business partnerships across the fashion industry. As demand for transparency and responsibility continues to increase, the platform will become an invaluable tool for fashion companies seeking to be leaders in sustainable and ethical practices.

The use of blockchain technology in the fashion industry is rapidly gaining momentum, and tex.tracer is positioning itself at the forefront of this trend. Blockchain technology has the potential to reduce fraud, increase trust among stakeholders, and improve transparency in supply chains.

In essence, the platform is addressing an inherent problem in the fashion industry – the lack of accountability and visibility in the supply chain. Currently, it is difficult to trace the origin of raw materials, the conditions under which they were produced and transported, and whether the final product is ethically and sustainably made.

In conclusion, the completion of the 1.5 million euros seed round financing by tex.tracer is a significant milestone for the company and the fashion industry at large. With continued investment, it has the potential to revolutionize how fashion companies manage their supply chains, and ultimately lead to better outcomes for workers, consumers, and the environment.