smatch secures 7.3 million euros in seed funding
The B2B marketplace smatch has completed a seed funding round worth 7.3 million euros. The Hamburg-based startup connects global fashion brands and retailers to trade unsold stock quickly and profitably.
smatch offers solution for improved fashion distribution
The round is led by Transition VC, 42Cap and 10x Founders and supported by industry experts including Noel Kinder (SVP Sustainability at lululemon and former CSO at Nike Inc.), Nigel Griffiths (former SVP Global Sales at Adidas) and Dr Achim Berg (founder of FashionSIGHTS and former Global Fashion Leader at McKinsey & Company). smatch offers a solution to one of the fashion industry's biggest problems. Every year, it generates more than 300 billion euros worth of discounted or unsold inventory in Europe alone. It is estimated that 4 to 9% of all textile products are destroyed before use, which equates to between 264,000 and 594,000 tonnes of textiles annually.
With an AI-powered platform, smatch aims to transform the way inventory is redistributed and procured. Sellers can optimise their strategy for speed, margin or control; buyers get real-time access to verified inventory and brands. Since its launch in 2023, over 15 billion euros in inventory and more than 190 million items have been offered on smatch. The startup already works with some of the largest global sports and fashion brands.
