Textile recycling company Circ has closed a US$25m funding round with support from European online fashion platform Zalando and materials science company Avery Dennison.
Peter Majeranowski, chief executive officer at Circ, believes that transforming the fashion economy requires leadership from influential players in the textile world, the financial community, as well as technology innovators.
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He continued: “The Circ team, which includes not only our employees but also our investors and partners, encompasses a diverse group of retail, manufacturing and engineering leaders across the US, Europe and Asia.
“We share a common view that a clean future for the fashion industry is not only possible but also essential for humanity. With each funding round and expansion in our partner base, we become more capable of ending the costly and preventable cycle of garment waste. I couldn’t be more excited.”
Avery Dennison is a provider of digital identification solutions for apparel supply chain traceability. The company will work with Circ to test their own technologies in a real-world environment.
Michael Colarossi, vice president, of innovation, product line management and sustainability, at Avery Dennison said: “The time for circular strategies and their enabling technologies is now. Using intelligent labelling in garments, we are working with Circ and other supply chain partners to drive a paradigm shift in the textile and fashion industries. Together we provide a solution for the take-back and sorting of waste at scale.”
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By GlobalDataHe added, “Cutting-edge solutions like this are so valuable and are advancing rapidly alongside critical market trends and demands. We are excited to support Circ in its next steps, driving the creation of a collaborative, circular economy for textiles.”
Youngone, a Korean manufacturing company, also took part in the all-equity expansion. The newest investors in Circ enable it to expand its alliances in packaging and manufacturing.
Existing investors including 8090 Industries, Circulate Capital, Vodia Capital and City Light Capital are also taking part once more.
This comes after Inditex contributed to a US$30m funding round to help circular fashion company Circ expand its poly-cotton recycler designed to recycle clothing and eliminate clothing waste.
The fashion industry is among the highest emitting industries. Businesses and organisations throughout the sector are working to solve the problem in their textile supply chains to get closer to net-zero emissions.
For instance, RegioGreenTex, has kick-started a three year project aimed at changing the way textile recycling is managed.
While, Ecosystex has launched a project aimed at accelerating collaboration in textile sustainability.
