Finland-based fashion technology company Espoo, the Infinited Fiber Company, announced on Friday March 8 that it has secured €27 million in a new funding round.
This round marks the completion of a two-part development financing round totaling €40 million, with significant investment from new investors.
The list of new investors is as follows:
- Inditex Group (parent company of Zara and other brands)
- TTY Management (private wealth management company owned by Fast Retailing Chairman and CEO Tadashi Yanai)
- Youngone Trading (YOH CVC Fund 1 Limited Partnership)
- Goldwin (GOLDWIN Players Fund Investment Limited Partnership)
This announcement comes about a year after raising funds in the summer of 2023 from various investors, including H&M Group, Adidas, Bestseller, and Zalando.
VTT Ventures invested during the first round of closing, while Security Trading and Nidoco AB invested in both rounds of closing and provided ongoing support.
“It’s fantastic to have such an influential company on board as a new investor. “This investment is critical to furthering the scale of Infinna™ and highlights the industry’s trust in our technology as one of the key enablers of circularity in the fiber sector,” said Co-Founder and CEO of Infinited Fiber. says Petri Alava. company.
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Founded by Petri Alava, Infinited Fiber Company was created to address several critical challenges facing the textile industry.
According to the Finnish company, the industry is challenged by excessive waste production, limited natural resources and increasing demand for sustainable options.
As a result, the company developed a patented technology that converts cotton-rich textile waste, such as old T-shirts, jeans and production scraps, into Infinna, a virgin-quality, versatile textile fiber with a soft, natural feel. And the feel of cotton.
Infinna is a biodegradable fabric that does not contain any microplastics. Clothing made from Infinna can be recycled with other textile waste at the end of its life, enabling circular fashion.
Currently, the company is working to build its first commercial-scale prototype Infinna fiber mill on the site of a disused paper mill in northern Finland.
The plant will have an annual production capacity of 30,000 tonnes of Infinna, equivalent to the fiber needed for approximately 100 million T-shirts.