Recycling tech firm secures €8m to transform textile industry
A recycling technology company has secured €8m in funding in a bid to revolutionise the textile industry.
Worn Again Technologies has secured the funding from a range of investors, including follow-on commitments from two of its existing strategic investors, H&M Group and Sulzer.
The firm has developed its own recycling technology and proposed circular licensing business model, aiming to close the loop in the end-of-use polyester and polycotton/cellulose textile industry.
The investment will provide over two years of operating capital and will be used to accelerate the firm’s research and development phase. It will also provide the base financing required in the next phase of bringing the technology to market.
Keith Wiggins, CEO of Worn Again Technologies, commented: “It is a pivotal time for H&M, Sulzer and others to be investing in Worn Again Technologies.
“It shows that global industry leaders are behind our company’s unique technology which can replace the use of virgin resources by recapturing raw materials from non-reusable products.
“The investment is a considerable step forward in building momentum for Worn Again’s technology for the emerging circular economy.”
Erik Karlsson, investment manager at H&M Group’s investment arm CO:LAB, added: “Having worked with founder Cyndi Rhoades and the impressive team since 2013, we’re thrilled to continue our journey by further investing in Worn Again Technologies as they move into an exciting new phase towards commercialisation over the coming years.
“Their regenerative recycling technology not only aligns perfectly with the H&M group’s vision to become fully circular, but also has the potential to benefit the entire industry.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →