The first part of the development financing round, which closed in summer 2023, included investments from existing investors.
Apparel companies H&M Group, adidas, Bestseller, and Zalando further reinforced their long-term commitment to Infinited Fiber.
Investment company VTT Ventures participated in the first closing, and investment companies Security Trading and Nidoco AB took part in both closings of the round, providing strong, continued support.
Infinited Fiber Company is a Finnish technology and fashion company with 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 biodegradable, contains no microplastics, and at the end of life, garments made with it can be recycled in the same process together with other textile waste, enabling circularity in fashion.
The second closing of the financing round was €27m. After the development financing round, Inditex, TTY Management and H&M Group are the largest shareholders of Infinited Fiber Company.
"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," said Petri Alava, co-founder and CEO of Infinited Fiber Company.
In 2022, Infinited Fiber Company announced plans to build its first commercial-scale Infinna fibre factory in Lapland, an investment of around €400m ($421m) which Alava spoke to Just Style about in more detail.
The annual fibre production capacity of the planned factory is expected to be 30,000 metric tonnes, which is equivalent to the fibre needed for about 100 million T-shirts, noted Infinited Fiber Company.
