One million euros for Retraced
Tracking supply chains is becoming increasingly important. Düsseldorf-based start-up Retraced has developed a blockchain platform for this purpose and has now received one million euros in its seed funding round.
Consumers are increasingly concerned about ethical and sustainable principles at companies, and the Supply Chain Act has been causing heated arguments within the coalition for months. Start-up Retraced aims to remedy the situation, with supply chain tracking for customers and businesses alike via a blockchain platform. Now the startup is receiving €1 million in its seed funding from Spanish venture capitalist Samaipata.
"We are excited about the timing of the funding round and the opportunity to work with Samaipata on our journey. Their expertise in building digital platforms will help us get closer to our vision," says CEO Lukas Pünder. The startup plans to use the money to attract more fashion companies to its offering and to continue its technical development.
Retraced was founded in 2019 and is headquartered in Düsseldorf, Germany, but also has offices in Mexico and Cyprus. A pre-seed round took place in early 2020, with business angels and NRW Bank involved. Samaipata focuses primarily on supporting early-stage startups and is confident in Retraced: "90% of Generation Z see companies as having a responsibility to be socially and environmentally responsible, and we believe there is a great opportunity for a platform in this area," says José del Barrio, founding partner at Samaipata.
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