Coloreel has aimed to transform the textile industry with unique coloring and design possibilities through a sustainable and efficient thread dyeing process. Credit: Coloreel.

Coloreel issued a statement in which it said its bankruptcy stemmed from its inability to “develop its business volume quickly enough” and “secure the necessary financing”.

Coloreel’s aim has been to transform the textile industry with unique colouring and design possibilities through a sustainable and efficient thread dyeing process. The company has over 90 customers in the global market, many of them well-known brands. Over 120 granted patents across 45 markets ensure robust protection of the innovative technology.

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Despite many in-depth discussions with financial investors and potential industrial partners to secure additional funding, Coloreel has been unable to overcome its financial hurdles.

“It is with a heavy heart that we announce the filing for bankruptcy. We have been working very hard to introduce a new technology and new ways of working on the global textile market. Despite relentless efforts to grow the business, minimise operational costs, and secure additional funding, the challenges are too great. The board and the management are incredibly proud of what our team has achieved, and we are grateful for the support we have received from our partners, customers, and investors”, states Anders Persson, Coloreel Group’s chairman of the board.

In October H&M announced a partnership with Coloreel to launch a personalised clothing embroidery pilot at their Berlin stores to enhance customer experience.

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While in September Coloreel entered into a $2m deal with a renowned Asian manufacturer to scale the production of its technology, which was designed to reduce water consumption by up to 97%.

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