Spanish sustainable fabrics start-up, Pyratex, has raised EUR600,000 (US$680,086) in the second round of fundraising, with Japanese sportswear firm Asics Corporation's investment arm as one of the investors.
Pyratex plans to use the funds to strengthen its brand and gain consumer recognition, particularly by continuing to engage in research and development to extend its range of functional and natural fabrics. It also expects to be able to extend its structure, hire more people, and grow in the American market.
Pyratex creates sustainably produced fabrics from agricultural waste such as banana leaves and seaweed.
The second funding investment round of Pyratex was led was by Waveform Investments, SL, and three new investors Javier Alonso, Julio Cousillas, and Patricia Camarero.
Because of their backgrounds in the fashion and business industries, these investors will have an advisory role and will be able to contribute to Pyratex's growth, according to the start-up.
Asics Venture Capital and two strategic investors, Sébastien Lefebvre and Felipe Carrasco, contributed to Pyratex's expansion in a previous funding round in 2019. In this second round, they're all investing again.
Pyratex (Pyrates Smart Fabrics), founded in 2014 and managed by Regina Polanco, has developed a line of natural knitted fabrics for sportswear, underwear, athleisure, and ready-to-wear markets. Seaweed, nettle, and agricultural waste from banana cultivation are used to make fabrics.
The company claims to have formed relationships with AZ Factory, Pepe Jeans, Phillip Lim, and Nicholas Kirkwood to supply textiles for functional and environmentally friendly clothing.
Pyratex collaborates with fashion designers who want to push natural innovation and the use of sustainably derived fabrics forward.
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