Virginia-based textile recycling start-up, Circ, has announced it has raised $30 million in a Series B funding round. Breakthrough Energy Ventures, created by Bill Gates, spearheaded the investment, which was joined by apparel retailer Inditex and textile maker Milliken, among other new and current investors.
Circ, led by CEO Peter Majeranowski, invented a know-how method that returns clothing to the raw materials from which they were manufactured, safeguarding the earth's clean origins in nature. The company's technology is capable of separating and recovering mixed polymer streams, notably any mixture of polyester and cotton, which accounts for many materials made and, as a result, many of the garments in our collective wardrobes. Circ's technology is expected to significantly reduce carbon emissions generated by the fashion industry.
Peter Majeranowski, CEO at Circ, said that the combination of best-in-class financial backers, led by Breakthrough Energy Ventures, with investment from fashion industry leader Inditex provides a springboard to quick, large-scale production success. With this round of funding, they've secured suppliers, purchasers, and important financial stakeholders in order to build a far cleaner fashion future.
Majeranowski added that they already have enough clothing to manufacture all of the clothing they'll ever need. Now, with the help of our partners, they can make recycled clothing available to all shoppers.
The most recent round of investment will assist the firm in completing engineering work for bigger-scale facilities while continuing commercial launches with key partners. Funds will also be utilized to expand the engineering, R&D, management, and commercial development teams.
Carmichael Roberts at Breakthrough Energy Ventures, said that as of 2016, the textiles sector was anticipated to contribute to about 1 Gt of CO2-equivalent emissions, the majority of which came from raw materials. BEV was founded to drive innovative solutions, such as Circ's technology, that would cut and eliminate carbon emissions as soon as feasible.
Roberts added that while recycling can help to minimize emissions connected with the production of textile raw materials, most textiles are mixes that are difficult to separate and recycle. They regard Circ's capacity to recycle blended textiles as a significant advance that can assist them in meeting their global carbon objectives by lowering the carbon intensity of textile raw materials.
Óscar García Maceiras, Chief Executive Officer at Inditex, said that they’re very happy to announce Circ as their first venture investment in a clean technology startup. They are devoted to encouraging the transformation of the whole fashion sector in collaboration with them. They are excited to contribute their experience and business skills to Circ's quick development and industrial scale.
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