Fashion Cloud, a B2B eCommerce platform, has raised €25 million (about $26.6 million).
According to a press statement, the B2B software solution for the European fashion wholesale business would use the fresh money to drive its worldwide expansion.
“Brands and retailers want to collaborate more simply and efficiently,” stated Fashion Cloud Co-Founder Alies ter Kuile in a press statement. “With this funding, Fashion Cloud is able to take stakeholder cooperation to the next level.”
The platform is used by over 600 companies and 20,000 shops. According to the press announcement, Fashion Cloud was launched in 2015 and has had rapid development over the previous three years.
According to the announcement, the company’s software addresses fragmentation and inefficiencies in the fashion wholesale market by providing a suite of solutions for fashion companies and retailers, including content and data interchange, as well as a digital preorder and reorder.
According to the release, these technologies allow the two parties to “digitize everything,” allowing them to better exchange marketing materials and product data, manage orders and inventories, and collaborate more efficiently.
According to the news release, the funding was headed by European specialized growth equity investor Verdane, whose expertise in the B2B software company, vast international network, and team of in-house specialists will further boost Fashion Cloud.
“Digitalization of fashion wholesale is critical for effective collaboration and trade, and eventually to make the sector more economically and environmentally sustainable,” Verdane Principal Björn Beckman stated in the statement, emphasizing the advantages it provides to designers and retailers. “With Verdane’s assistance and finance, we are convinced that Fashion Cloud can solidify its position as European market leader.”