Fashinza, the AI-driven B2B marketplace for global fashion supply chains, announced on March 28 that it has secured a $30 million working capital funding from Mars Growth Capital and Liquidity Group in order to strengthen its supply chain.
According to the announcement, the funding will fuel Fashinza’s ongoing transition into a global business with significant operations in the USA, Gulf, and Europe.
With this, the firm has scooped up over $150 million in risk capital in the past two years.
Also Read: AI-powered B2B marketplace Fashinza raises $100 million led by Prosus, Westbridge
With fashion choices being influenced on a global scale in real-time by social media platforms such as TikTok and Instagram, Fashinza's solution of connecting SMEs directly to top fashion brands across the world has revolutionised the way fashion works in today's high-speed digital age.
Navas Ebin, Managing Director of APAC for Mars Growth Capital and Liquidity Group, says, "Fashinza is transforming the global fashion supply chain. Their performance since inception, the strength of their founding team, and their existing global network of manufacturers and customers gave us enough confidence in their ability to scale this business and sustain in the medium- to long-term."
"...we are excited to partner with Liquidity Group to support our growth and to bring our innovative manufacturing solutions to a global audience," said Abhishek Sharma, Co-Founder and COO of Fashinza.
He further expressed confidence that they could successfully penetrate new markets and provide their manufacturing solutions to key clients worldwide, citing the flexible cross-border financing solutions and extensive knowledge of navigating international markets of Liquidity Group. He also emphasised their commitment to delivering exceptional service to their key customers in the USA and beyond, as they continue to revolutionise the fashion manufacturing industry.
Fashinza will use the capital to meet its growing international working capital requirements.
“Fashinza is a promising pre-unicorn with global aspirations. Mars Growth Capital and Liquidity Group have been supporting companies like Fashinza to transition into becoming truly global businesses, and the prospects for a long-term partnership with the company are exciting," added Nir Shmueli, Investment Manager at Mars Growth Capital and Liquidity Group.