Under Armour exec shows faith in recycled-plastic textile start-up
29/06/2015
The financing will help Thread expand production capabilities and the collection supply chain.
The Pittsburgh-based company tracks the impact on communities, jobs creation and the environment from the collection of bottles to the production of fabric, and shares the narrative with consumers.
“With little innovation in the textile industry over the last 100 years, apparel companies are having a tough time meeting market demand for transparent, socially conscious materials,“ said Jay Katarincic, managing director at investor Draper Triangle. “We believe Thread’s unique production process creates an incredibly powerful story that can strengthen the trust and authenticity of a brand to help meet market demand.”
Investors in the round include Riverfront Ventures, DNS Capital (representing the business interests of Gigi Pritzker Pucker and Michael Pucker) and Bill Besselman, vice-president of strategy and consumer insights at Under Armour.
Mr Besselman said: “Textiles are changing at a rapid pace, beyond just the introduction of wearables and integrated technologies. With a revolutionary approach to manufacturing and supply chain, Thread is poised to disrupt the market in a completely new way. For the first time, we can take a deep look at the data and stories of products from the ground up.”
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