DÜSSELDORF – German blockchain start-up Retraced has been awarded €1 million (US$1.2m) by investment firm Samaipata, which it will leverage to scale its supply chain transparency tool and broader suite of cloud-based solutions.
Powered by solutions provider Oracle’s Blockchain Platform Cloud Service, which is built on Hyperledger Fabric, Retraced offers fashion industry firms the opportunity to digitise transactions thereby establishing an immutable overview of operations.
José del Barrio, founding partner at Samaipata, commented: “We truly believe we are entering a new era of enterprise transparency towards the end consumer. There’s an amazing opportunity for a platform play in the space, leveraging on network effects between brands and other stakeholders sharing data and best practices and willing to work together for a fairer supply chain management.”
