Finnish Circular fashion and textile technology group Infinited Fiber Company has announced that it has secured investments totaling 30 million euros in its latest financing round completed on June 30. The round also brought Infinited Fiber Company new investors, including 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, who was the lead investor, investment company Nidoco AB, and viscose producer Sateri.
This securement of new funding follows Infinited Fiber Company’s April announcement of plans to build a flagship factory in Finland to produce its regenerated textile fiber Infinna. According to Infinited, 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.
“These new investments enable us to proceed at full speed with the pre-engineering, environmental permits, and the recruitment of the skilled professionals needed to take our flagship project forward. We can now also boost production at our pilot facilities so that we can better serve our existing customers and grow our customer-base in preparation for both our flagship factory and for the future licensees of our technology,” said Infinited Fiber Company co-founder and CEO Petri Alava.
Fabric made with Infinna fiber
H&M Group is one of Infinited Fiber Company’s earliest investors. They first invested in Infinited Fiber Company in 2019. It has also signed a multi-year sales deal with Infinited Fiber Company 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 Company: “Infinited Fiber Company has an opportunity to close the loop in the fashion industry with textile-to-textile recycling, which is a great match for Invest FWD’s aspiration to support the entire fashion ecosystem and Bestseller’s sustainability strategy Fashion FWD through strategic investments,” said Lise Kaae, a member of the board at Invest FWD.
Katja Schreiber, Senior Vice President Sustainability at Adidas, commented: “Our intensified cooperation with Infinited Fiber Company forms part of our strategic ambition to have nine out of ten articles made from sustainable materials by 2025. Sustainability is a key focus of our strategy, with sustainable material innovations playing an important role in creating a more sustainable world. Today, we already use more than 60 percent recycled polyester and are aiming to be entirely virgin polyester-free by 2024.”
Infinited Fiber Company’s technology turns cellulose-based raw materials, like cotton-rich textile waste, into Infinna, a regenerated textile fiber with the natural, soft look and feel of cotton. Infinited states that Infinna is biodegradable and contains no microplastics, and at the end of their life, garments made with it can be recycled in the same process together with other textile waste.