Fashinza, a global B2B manufacturing marketplace, announced today that they have raised $20 million in a mix of equity and debt as part of Series-A Funding. The round was co-led by marquee existing investors Accel Partners and Elevation Capital along with Abu Dhabi’s DisruptAD, Stride Ventures, Alteria Capital, and Tradecred.
The round also saw the participation of Anand S Ahuja (MD, Shahi Exports & Founder, Bhaane) and actress Sonam Kapoor Ahuja, both of whom are vocal supporters of sustainable fashion. The funds will be utilized to invest in supply chain technology and expand the company’s presence and manufacturers’ base globally, especially in the US and the Middle East. Previously, in 2020, Fashinza had raised $2.6 mn from Accel and Elevation as a part of its seed round.
Team Fashinza is on a mission to create sustainable and futuristic supply chains for fashion brands while improving the lives of
workers. They connect family-run small/mid-sized audited factories to the cloud with their mobile- based production management and visibility software. In May 2021, the company expanded its operations to New York with the aim of reinventing the $800 bn global fashion manufacturing for the e-commerce era, which is more agile, fast, transparent, and sustainable.
Their platform provides end-to-end online ordering for brands, complete production tracking from the factory floor, low MOQs, and fast but ethical production. For an industry addicted to low cost and overproduction, this could be a way to reduce wastage and its impact on the environment. In addition, they are solving critical problems of working capital and payment trust
with embedded financing solutions like Net 60 payment terms.
They are currently present in 10 countries and have partnered with brands from the US, Canada, UK, Middle East, and India. At present, they’re associated with 150+ leading brands including Forever 21, Hummel, Centrix Brands, and Amaro. Post pandemic, brands have been scrambling to diversify their supply chains, find new suppliers, and reduce their dependence on a single source. Multiple brands have used Fashinza to diversify their supply chains across countries like China, Bangladesh, Sri Lanka, Vietnam, and India.
Commenting on the fresh funding, Pawan Gupta, CEO & Co-Founder, Fashinza, said, “Fashinza has grown over 20x in the last 12 months. Covid has ceased travel and complicated the global apparel supply chain.