Virginia-based Circ the Textile-to-Textile Recycling Company managed to obtain $25 million in funding to scale up to the industrial level and start producing fiber through its innovative technology.
Circ has developed a new heat and chemical process with which it recycles used cloth made from polyester and cotton. The company announced that it would use this funding to accelerate the building of its facilities to an industrial level. It aims to bring to market its first consumer product before June this year and many other brands. Â
The funding came from European retail giant Zalando, outdoor sportswear manufacturer Youngone, and material science and digital labels maker Avery Dennison were among those that contributed in the funding round. Several previous investors also pitched in with more funds. They included Circulate Capital, 8090 Industries, City Light Capital, and Vodia Capital.
Circ earlier in July 2022 received $30 million in funding in the Series B round. Inditex the owner of Zara was one of the participating investors and made its first contribution to the clean-tech space. This shows the growing interest of brands and retailers in investing and encouraging start-ups in innovative and sustainable ventures. This is perhaps because of incoming regulations that call for sustainable production with reduced carbon print. They are investing in recycling projects to reduce the use of virgin materials that leave a larger carbon footprint.
