Material Exchange seeks to be the number one provider for responsible sourcing of materials and components for the footwear and apparel industries, bringing transparency, flexibility, and simplicity to a notoriously complex and antiquated industry. Viewing themselves as the apparel and footwear industry’s version of what Sabre and Amadeus are for the travel industry, Material Exchange is building one integrated system for brands, suppliers, and agencies (the middlemen) to engage on. Recognizing that an open marketplace is a flawed solution for this industry’s material sourcing problem, Material Exchange is in the process of transitioning its product from an open marketplace model to an expert-assisted process that allows the company to differentiate based on its extensive and trusted pre-existing network with the supplier ecosystem. Despite being in a transition period, Material Exchange is still currently working with some of the biggest fashion brands in the world, like Jack Jones, Selected Homme, Vero Moda and Ugg, and just closed a $25.3M Series A that will expedite their product development work and allow them to expand their global presence.