Aarhus-based Hakio gets €4 million to help fashion brands reduce global waste due to bad forecasting
Summary
The investment will be utilized to further develop and expand Hakio’s platform, which leverages machine learning algorithms to enhance forecasting accuracy and tackle the global waste issue in the fashion industry. “By removing bias when creating a baseline forecast and subsequently including expert knowledge in a sleek and user-friendly platform, fashion brands can increase planning accuracy and reduce operational costs and working capital. Co-developed with clients such as Jack & Jones and Only, the platform could be a transformative force within the sector, as apparel brands annually spend an estimated €800M on planning and overproduction of billions of garments. Already, we help brands reduce costs and improve profits, but now, thanks to our new investors, we have the resources and knowledge to further develop and scale Hakio to the next level, and we can’t wait to get going,” commented Malte Bjerg Vittrup. They offer the potential to save billions of euros lost to poor forecasting and transform how businesses operate,” added Claus Zibrandtsen, managing partner at People Ventures.
Funding
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