Colorifix has announced the closing of a Series B funding round of 18 million pounds led by the H&M Co:lab, the investment art of the H&M Group.
The biotech company, which said it is the first to pioneer an entirely biological dyeing process, is looking to enter into an industrial scale-up after its first customer implementation with the Valérius Group, Portugal.
Already launched with H&M and Pangaia, the product, an eco-textile dyeing process, hopes to aid in the sustainable transformation of the industry.
“We are delighted that H&M Co:Lab has led this round, following smaller investments in our Seed and Series A,” said chief operating officer of Colorifix, Chris Hunter, in a release.
Hunter continued: “They have been extremely supportive from the start and have shown that they are the right partners to help us deliver on our growth plan. We are equally thankful that we have such an excellent overall group of strategic and thematic investors that bring deep domain expertise and strong international networks across our key areas of focus and countries of operation.”
Driving a growth plan
The funding will be used to support the trebling of Colorifix’s team as it prepares to expand further into Europe and Asia, bringing its technology into the supply chains of brands.
Currently, the company’s staff is mostly based at its Norwich, UK, headquarters, where its labs and offices reside, as well as a demonstration site in Cambridge. It has a further presence in London at The Mills Fabrica, another investor of the business, and is working on a subsidiary in Portugal, where it plans to open an office.
“We’re thrilled to continue to grow our relationship with Colorifix and its fantastic team,” said H&M’s head of sustainability and board director of Colorifix, Pascal Brun.
He added: “To support them during their exciting next phase of growth in scaling their innovative game-changing technology not only speaks directly to H&M Group’s sustainability work, but more importantly has the potential to positively impact the wider industry.”