Following Aware’s successful seed funding round in 2022, this investment with Presstar Capital, which is known for its focus on sustainable textile manufacturing, is expected to enhance Aware's financial position and set the platform up for further growth within Asia's sustainable textiles sector.
Aware founder Feico van der Veen commented: "This collaboration is more than a strategic partnership; it's a proof of confidence by industry leaders. We're eager to leverage these resources for continued growth and to encourage brands to offer more sustainable products and embrace circular practices.”
Aware describes itself as the world's so-called "first” autonomous traceability platform. It integrates physical and digital tracking to introduce a "phygital" experience, which it says is laying the groundwork for a circular economy by providing authentic material data.
Presstar managing partner Waleed Shafiqullah added: "Presstar’s purpose is connecting circularity in textile manufacturing, and our investment in Aware aligns with our goal to foster upstream transparency.
“By partnering with Aware, we invest in a disruptive Digital Product Passport provider, essential for textile products in the EU, enhancing traceability and sustainability. Moreover, we have ensured the robustness of the solution by working alongside Aware for the past two years at Cyclo Sustainable Fibres, our first portfolio brand.”
As the textile industry undergoes transformative changes, Aware believes this funding will solidify its position ahead of its upcoming equity round and ensure its continued success and market expansion.
The Aware hand scanner is said to provide brands and retailers with an “unprecedented level” of transparency and traceability to instil confidence in the authenticity of recycled polyester products.
