Blockchain-based traceability platform Aware has secured a Simple Agreement for Future Equity (SAFE) from Singapore-based impact investor, PRESSTAR CAPITAL to propel the platform’s expansion in Asia’s sustainable textile production industry.
This investment with PRESSTAR CAPITAL, which is renowned for its focus on sustainable textile manufacturing, is expected to improve Aware’s financial situation and lay the groundwork for future expansion within Asia’s sustainable textiles sector, building on the success of the company’s 2022 seed fundraising round.
Aware founder Feico van der Veen commented: “This collaboration is more than a strategic partnership; it’s a proof of confidence by industry leaders. We’re eager to leverage these resources for continued growth and to encourage brands to offer more sustainable products and embrace circular practices.”
Aware bills itself as the first autonomous traceability platform in the world. It claims that by delivering genuine material data, it is establishing the foundation for a circular economy by fusing physical and digital tracking to create a “phygital” experience.
Presstar managing partner Waleed Shafiqullah added, “Presstar’s purpose is connecting circularity in textile manufacturing, and our investment in Aware aligns with our goal to foster upstream transparency.”
The Aware hand scanner is said to provide brands and retailers with an “unprecedented level” of transparency and traceability to instil confidence in the authenticity of recycled polyester products.
