Worn Again Technologies has raised up to 8 million euros in new equity capital from investors which the company will use to further develop its recycling technology.
The London-based company is developing a process which aims to close the loop in the end-of-use polyester and polycotton/cellulose textile industry.
This new investment provides over two years of operating capital and includes follow-on commitments from existing strategic investors, H&M Group and Sulzer.
The money will be used to accelerate and complete the company’s technology development through the R&D phase, as well as provide the base financing required in the next phase of bringing the technology to market.
Erik Karlsson, investment manager at H&M Group’s investment arm CO:LAB, said in a statement: “Having worked with Founder Cyndi Rhoades and the impressive team since 2013, we’re thrilled to continue our journey by further investing in Worn Again Technologies as they move into an exciting new phase towards commercialisation over the coming years. Their regenerative recycling technology not only aligns perfectly with the H&M group’s vision to become fully circular, but also has the potential to benefit the entire industry.”
Worn Again Technologies CEO Keith Wiggins added: “It is a pivotal time for H&M, Sulzer and others to be investing in Worn Again Technologies. It shows that global industry leaders are behind our company’s unique technology which can replace the use of virgin resources by recapturing raw materials from non-reusable products. The investment is a considerable step forward in building momentum for Worn Again’s technology for the emerging circular economy.”
Photo credit: Worn Again Technologies