NEW YORK — Etexx, a business-to-business Web site for the $350 billion global textile industry, completed its first round of financing totaling $7 million.
The investment round was co-led by venture capital firms GRP [Global Retail Partners] and Partech International, both involved in B2B e-commerce ventures. Cirlab, an Italian Internet investment firm run by the De Benedetti family of Italy, and Gelardin USA LLC, a New York-based investor group, also participated.
Etexx launched its “electronic catalog of fabrics” in February. It plans to use the investment for international expansion, enhance services, and open a New York office. The company said it has content from over 200 European textile suppliers.
The company was founded last August by Frederic Allard, a former textile executive, and Frederic Dib, a former senior associate at Lazard Freres in New York. Its purpose is to improve the process of buying and selling fabric in the textile industry through the Internet. Its Web site, Etexx.com, provides an electronic fabrics catalog for designers, weavers, converters, fashion trimmings, and manufacturers. The company is based in Nice, France, and has offices in London and Milan.
The company charges a fee to the suppliers that list their products on the platform. The overall goal is to offer a variety of services, including bulk ordering and price quotes.