Espoo, Finland-based Infinited Fiber Company, a fashion technology firm, announced on Friday, March 8, that it has secured €27M in a new funding round.
The round marks the completion of a two-part development financing round totalling €40M, with significant investments from new investors.
The list of new investors includes:
- Inditex Group (the parent company of Zara and other brands)
- TTY Management (an asset management company privately owned by Tadashi Yanai, Chairman, President, and CEO of Fast Retailing)
- Youngone (YOH CVC Fund 1 Limited Partnership)
- Goldwin (GOLDWIN Play Earth Fund Investment Limited Partnership)
The announcement comes around a year after raising funds in the summer of 2023 from various investors like H&M Group, Adidas, BESTSELLER, and Zalando.
During the first closing, VTT Ventures invested, while Security Trading and Nidoco AB provided continued support by investing in both closings of the round.
“It is fantastic to have these impactful companies onboard as our new investors. This investment is crucial for further advancing the scale-up of Infinna™, and it underscores the industry’s confidence in our technology as one of the key enablers for circularity in the textile sector,” says Petri Alava, Co-Founder and CEO of Infinited Fiber Company.
Infinited Fiber Company: Solving biggest challenges in the textile industry
Founded by Petri Alava, Infinited Fiber Company was established to address some of the significant challenges faced by the textile industry.
According to the Finnish company, the industry is burdened with excessive waste production, limited natural resources, and the growing demand for sustainable options.
As a result, the company has developed a patented technology that turns cotton-rich textile waste, such as worn-out t-shirts, jeans, and production scraps into Infinna, a virgin-quality, versatile textile fibre with the soft and natural look and feel of cotton.
Infinna is a biodegradable fabric that contains no microplastics. At the end of its life, garments made with Infinna can be recycled with other textile waste, enabling circular fashion.
Currently, the company is working on building its first commercial-scale circular Infinna fiber factory at the site of a discontinued paper mill in Northern Finland.
The factory will have a production capacity of 30,000 metric tons of Infinna annually, equivalent to the fibre needed for about 100 million T-shirts.
Read the orginal article: https://siliconcanals.com/news/startups/infinited-fiber-company-gets-27m/
