Finnish textile technology group, Infinited Fiber Company, which produces cellulosic fiber from textile waste, has raised €30 million in new financing, with Danish retailer Bestseller's investment arm Invest FWD among the new investors.
Bestseller has also inked a multi-year sales deal for its Infinna fiber, following a year of partnership to explore the possibility of putting the fiber into production.
Bestseller’s sustainable materials and innovation manager, Camilla Skjønning Jørgensen, said that through their ongoing collaboration, they've developed the first prototypes and seen that the fiber can meet their quality, look, and sustainability requirements. With Infinited's planned flagship factory, they'll be able to scale this amazing circular material and, over time, make it a competitive fiber to conventional fibers.
Jørgensen added that this is much more than a financial investment for them. This is a step toward reducing the fashion industry's environmental effect by providing a technical solution that allows for textile-to-textile recycling. At the same time, this indicates that Bestseller has the capacity to become circular by design. This is only the start.
Infinited's technology transforms cellulose-based raw materials, such as cotton-rich textile waste, into Infinna, a high-quality regenerated textile fiber with the natural, soft feel of cotton. Infinna is biodegradable and free of microplastics, and clothes manufactured with it may be recycled in the same way as other textile waste at the end of their lives.
Other new investors in the current round of financing in addition to Invest FWD include Adidas, Sateri, and H&M Group, which has also inked a multi-year sales agreement to acquire stipulated amounts of Infinna from the new facility.
Petri Alava, co-founder, and CEO of Infinited Fiber Company said that they’re delighted to welcome their new investors and appreciative of the ongoing support of their existing investors.
Katja Schreiber, Senior Vice President of Sustainability at Adidas, said that their expanded partnership with Infinited Fiber Company is part of their strategic aim to have nine out of ten goods manufactured from sustainable materials by 2025.
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