Jul 7, 2021
Several big names in clothing took part in the latest funding round by Infinited Fiber Company (IFC), which raised 30 million euros from H&M, already an investor in the company, but also from Bestseller and d ‘Adidas.
IFC’s technology transforms cellulose-based raw materials, such as cotton-rich textile waste, into Infinna fiber, “a unique, premium regenerated textile fiber with the natural, soft look and feel of cotton.” . Biodegradable, it does not contain microplastics. Clothing made from this fiber is recyclable in the same way as other textile waste, says the company.
According to Bestseller, its decision to finance the Finnish company is accompanied by a multi-year sales agreement on its Infinna fiber. The Danish group has been working for some time with IFC and its patented fiber “to examine the possibilities of putting it into production”.
In April, IFC announced the construction of a plant in Finland to meet the strong growth in demand for its innovative fiber. This last funding round will be used to support the project and accelerate production at its pilot facilities by 2024.
Camilla Skjønning Jørgensen, who heads Bestseller’s Fashion FWD Lab, said: “The construction of this new factory will allow us to increase the production scale of this amazing circular material and ultimately make it a competitive fiber. compared to conventional fibers. “
It is the H&M group, which had already invested in the capital of IFC, which led this new round of funding. The Swedish company says it wants to “make the circular economy a daily reality”.
Nanna Andersen, Director of H&M CO: LAB, is delighted with these advances: “We are delighted to continue our adventure with Infinited Fiber Company. Being joined by other international brands is a testament to the industry’s confidence in this technology and the team that developed it. More importantly, it shows the enormous potential of their regenerated textile fiber, capable of leading the industry towards a more sustainable future for fashion. ”
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