Finnish circular fashion and textile technology group Infinited Fiber Co. has secured investments totaling €30 million in its latest financing round completed on June 30. The round also brought Infinited Fiber new investors, Adidas, Invest FWD A/S, which is Bestseller’s investment arm for sustainable fashion, and investment company Security Trading Oy.
Among the existing investors contributing to this round of financing were fashion retailer H&M Group, which was the lead investor, investment company Nidoco AB and Sateri, the largest viscose producer and a member of the RGE group of companies.
This securement of new funding follows Infinited Fiber’s April announcement of plans to build a flagship factory in Finland in response to the demand from global fashion and textile brands for its regenerated textile fiber Infinna. The factory, which will use household textile waste as raw material, is expected to be operational in 2024 and to have an annual production capacity of 30,000 metric tons. The new funding enables Infinited Fiber to carry out the work needed to prepare for its flagship factory investment and to increase production at its pilot facilities in the years leading to 2024.
H&M Group has also signed a multi-year sales deal with Infinited Fiber to secure its access to agreed amounts of Infinna from the planned flagship factory. New investor Bestseller has struck a similar sales deal with Infinited Fiber.
Infinited Fiber’s flagship plant preparations are also proceeding on other fronts. Several Nordic and international investment banks have given Infinited Fiber proposals on the financing options for the investment.
Infinited Fiber’s technology turns cellulose-based raw materials, like cotton-rich textile waste, into Infinna, a regenerated textile fiber with the feel of cotton. Infinna is biodegradable and contains no microplastics and, at the end of its life, garments made with it could be recycled in the same process together with other textile waste.
Photo courtesy Infinited Fiber Co.