SWEDEN: Textile Exchange Gets $2.6m

TextileSolutions, which operates an interactive marketplace for textiles, said it raised 3m euros ($2.64m). The funding came from Textil Manuel Goncalves (TMG), a Portuguese textile company. The company will use the funding for general working capital and to initiate strategic partnerships. TextileSolutions is a complete online marketplace and resource centre for the textile industry. It brings together buyers, sellers and designers in an interactive market on a global basis. When deals are contracted, TextileSolutions.com supports the whole order process, such as quality checking, credit rating, payment and ordering of global logistics. The company claims that it reduces transaction costs by up to 30 per cent and that lead times are cut by two weeks. TextileSolutions also provides integrated order management systems for the textile industry.For more information, visit