Ambercycle raises 21.6 million US dollars to build circularity ecosystem
Los Angeles-based Ambercycle, a post-consumer garment recycler, has announced a 21.6 million US dollars Series A financing round to help it build a circularity ecosystem in the fashion industry.
The materials science company dedicated to ending waste in the fashion industry described the funding round as “oversubscribed” after receiving financing from H&M Co:Lab, Kirkbi, Bestseller’s Invest Fwd, and Zalando.
With this new funding, Ambercycle has raised a total of 27 million US dollars to develop infrastructure and materials for circularity within the fashion industry. The latest investment will help it develop and scale up its technology to produce regenerated alternatives to conventional materials.
H&M Co:Lab, Kirkbi, Bestseller’s Invest Fwd, and Zalando invest in Ambercycle
With environmental and governmental agencies estimating that more than 120 billion garments are discarded annually, Shay Sethi and Moby Ahmed founded Ambercycle in 2015 to combat post-consumer waste and create an ecosystem for infinite textiles.
The company’s breakthrough process, Ambercycling, separates and purifies post-consumer textile waste at the molecular level to produce regenerated materials that brands and designers can craft into new garments. This simultaneously reduces the materials going into landfills as well as the need to extract finite resources from the planet.
Shay Sethi, co-founder and chief executive of Ambercycle, said in a statement: “The transition to circularity in fashion is inevitable. We are building an ecosystem in which materials can exist in harmony with humans and the environment.
“Our breakthrough molecular regeneration process enables a clear vision for circularity, in which fashion can flow in and out of our lives. Not only will this improve the sustainability performance of the items in our closets, but it builds a new way for us to interact with our materials.”
Ambercycle to scale up Cycora following Series A funding
Ambercycle’s first solution, Cycora, is a breakthrough material that makes use of old garments by regenerating end-of-life textile waste into new premium fabrics. Cycora has been designed to serve as a direct replacement to the tens of billions of pounds of polyester used annually, as it emulates the functional characteristics of these conventional fabrics while allowing apparel brands and designers to produce high-quality garments with circularity in mind.
Cycora was recently utilised by H&M for its Innovation Circular Design Story collection launched in November, with its high-waisted tailored stretch weave trousers incorporating the recycled polyester into the design.
The innovative material has also been used in successful collaborations with Los Angeles brands including Justin Mensinger, Knarli and Come Back As A Flower.
Erik Karlsson, acting head of H&M Co:Lab, said: “We are delighted to support Ambercycle with this recent collection and are excited to continue being part of their successful journey. The H&M Group has an ambitious goal of making our business fully circular by 2030 and we truly believe in the team behind Ambercycle with their exceptional dedication to their mission. With this new funding round we look forward to partnering with them as they scale commercially.”