A circular fashion company has announced it has closed a 30 million dollar Series B funding round, with backing from big name industry leaders, including Inditex.
Circ, a tech company that powers patented textile recycling processes, said the new investment will help it to drive progress, building on its mission of protecting the planet from clothing waste.
Alongside Inditex, for which the investment is the Spanish group’s first in a clean technology company, Bill Gates’ Breakthrough Energy Ventures (BEV) led the round, with further participation from the likes of American textile group Milliken & Company and investment firm Lansdowne Partners.
“With this investment round, we’ve secured suppliers, purchasers and major financial stakeholders to establish a much cleaner fashion future,” said Peter Majeranowski, Circ CEO, in a release.
He continued: “We already have all the clothing we need to make all the clothing we’ll ever need. Now, alongside our partners, we can make recycled garments accessible to every shopper.”
Circ’s technology system returns clothing, specifically blends of polyester and cotton, to raw materials to be reused. Its process has previously caught attention from early investors Patagonia and Fashion For Good, with this latest round set to help it complete its engineering work for larger-scale facilities while continuing commercial launches.
Funding will also be used to grow its core team members throughout the business.