Textile-blend recycler raises $30 million
US-based textile recycling technology provider Circ has raised $30 million following a Series B funding round led by Breakthrough Energy Ventures, a company founded by Bill Gates.
Fashion group Inditex, manufacturer Milliken and Landsdowne Partners also participated in the fundraising, as did earlier investors.
Circ’s method can recycle cotton-polyester blends across “a broad spectrum”, it says. The technology also allows it to produce both new cellulosic fibres and polyester from this waste.
Chief executive, Peter Majeranowski, told reporters that the extra investment would enable Circ to expand its team to roughly 50 people, up from the 30 staff members it employs presently.
Separately, chief executive at Inditex, Óscar García Maceiras, commented that his group was looking forward to contributing its own systems and knowledge in support of Circ’s continued development. “We are committed to promoting the transformation of the entire fashion industry,” he said.
