By  on July 17, 2018

Naadam, the sustainable cashmere company with a can’t-make-this-up backstory, today revealed it has raised $16 million in Series A funding. Private equity firm Vanterra Capital led the round with participation from Silas Chou’s Torch Capital; U-Start Club, a venture capital firm that syndicates investments from Italian and Swiss family offices into global high-growth digital ventures; Trail Post Ventures, and Plug and Play Ventures.

Matthew Scanlan cofounded the brand with Diederik Rijsemus and Hadas Saar in 2015, after Scanlan and Rijsemus decided somewhat on a whim to take a trip to Mongolia, where they ended up tagging along with an American journalist to interview herders in the Gobi Desert and getting stranded there for three weeks. The trip resulted in them disrupting the cashmere supply chain by cutting out the middleman and purchasing directly from the herders, which leads to significantly lower prices and supply chain sustainability.

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