USA: Textrade.com Completes $10 Million Financing To Expand Services

Textrade.com (formerly Global Textile Network), the Internet-based business-to-business textile trading and information marketplace, has raised $10 million in venture financing for the expansion of its online service. The investment was led by European venture capital firm ETF Group and Draper Fisher Jurvetson Gotham Ventures (DFJ Gotham). The investment follows an initial $1.5 million seed investment by the company's founders.The new Textrade.com service will enable Textrade.com's 5,100 member companies around the world to source and sell a wide range of fiber, yarn and unfinished fabric in a secure online transaction environment. The service also will provide members with access to logistics services, financing services and comprehensive information including global and regional textile news, unique statistical data, and analysis from textile industry sources around the world. Scheduled to launch in August, the new service is being developed by Textrade.com together with Computer Sciences Corporation (CSC), a leading developer of business-to-business online marketplaces.According to Textrade.com chief executive officer Robert Cox, Jr, "this financing advances our goal to give the worldwide textile industry what it is now ready for: a full-service Internet trading and information resource that enables members to expand their business, improve productivity and increase their information access with unprecedented convenience." Textrade.com chairman Jeffrey Silver added: "we are extremely pleased to be joining forces with ETF Group and DFJ Gotham; their global reach, access to innovative technologies and expertise in building market-leaders are a significant advantage for the Textrade.com service and our members."