Sundar snaps up $1.3 mln seed

Sundar, a global sourcing platform for sourcing materials for the apparel industry, has secured $1.3 million in seed funding. New Enterprise Associates led the round with participation from other investors that included Techstars Ventures and Correlation Ventures.

PRESS RELEASE

NEW YORK (December 8th, 2015): Sundar, the global sourcing platform for design-based industries, announced today its seed round funding led by premiere venture capital firm New Enterprise Associates (NEA) in conjunction with Techstars Ventures, Correlation Ventures and prominent Angel investors participating in the round.

Sundar, which has raised $1.3m of funding to date, is building the world’s largest curated, wholesale marketplace for the apparel industry. The Sundar platform brings together textile mills and materials suppliers with clothing manufacturers, fashion brands and designers, enabling global discovery and sourcing, thereby enhancing and streamlining a process that has historically been cumbersome and time consuming.

With over 500 buyers on the waitlist for its SaaS-enabled marketplace, Sundar isaddressing a pain-point in the B2B supply chain for both the buy- and sell- sides of the market. “Sundar brings the kind of meaningful step change to an industry that excites us as investors,” said Ravi Viswanathan, General Partner at NEA. “Whether it’s giving family-run luxury suppliers in Italy the ability to scale up with new buyers; or helping mass-market fashion manufacturers diversify their supply relationships, Sundar removes the inefficiencies that characterize sourcing today.”

“We are thrilled to have the support of the largest venture fund in the world as we work towards our commercial launch in spring of 2016,” said founder and CEO Jag Gill. “Sundar has had the privilege of collaborating with prestige apparel brands and we are excited to bring our product and services to the market at large.”

Sundar has been mentored and conducted market testing with billion dollar apparel brands as part of the New York Fashion Tech Lab. Now in its second year, the program is a collaborative effort between major fashion retailers and innovators enabling iteration, validation, and acceleration of technologies from early stage companies that advance the industry. Participating companies include Coach, Kate Spade and Macy’s.

Sundar was conceived at the Massachusetts Institute of Technology, where Ms. Gill was a graduate student, and incubated at Techstars, the world’s leading technology accelerator for early stage, high growth companies.

The new funding will be used to develop Sundar’s product roadmap as well as build up the sales, marketing and engineering teams.

About Sundar
Sundar, Inc is a discovery and sourcing platform that connects creative professionals with quality materials and qualified vendors globally. Sundar streamlines the discovery and sourcing process by providing sophisticated search, curation and data-driven insights to buyers and sellers. For additional information visit http://sundar.io/.

About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. For additional information visit www.nea.com.