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Spinnova gets €11 mn funding for commercialisation phase

10
Oct '19
Pic: Spinnova
Pic: Spinnova
With new growth capital of €11 million, the sustainable fibre technology company Spinnova is now starting the commercialisation phase of the world's most sustainable textile fibre. The company aims to revolutionise the raw material base of textile industry with its cellulose-based fibre products in collaboration with major textile brands.

The €11 million total investment came entirely from Spinnova’s existing investors; family investment offices, private investors, a venture capital investment fund and industrial partners.

Spinnova is beginning to plan for its commercial phase after passing its most important milestone so far; getting proof of concept from its pilot factory. The pilot line was completed in Finland last December and ramped up over early 2019. Now fully operational, the pilot is producing fibre for Spinnova's brand partners, while Spinnova scales towards a commercial facility.

There has been a significant amount of brand interest towards Spinnova’s innovation. As Spinnova and its industrial partners begin to plan for the first commercial facilities, uptake agreements will be available to brands who want to make sure they are early adopters of the world’s most sustainable fibre. The fibre recently passed industrial spinning tests, which was an important step of the fibre’s journey towards a commercially viable drop-in material.

Following close collaboration with piloting brands, several demo products will be introduced to consumers in the near future. Spinnova’s vision is that its sustainable fibres become an attractive option to brands and this way available to all consumers.

"We have proven success in both strategic focus areas related to our vision. We work closely with brands in developing our fibre products and will scale the sustainable technology to big volumes with industrial partners," said Spinnova’s CEO and co-founder Janne Poranen.

Spinnova is a Finnish, sustainable deep-tech company that has developed a disruptive technology for manufacturing cellulose-based textile fibres. Spinnova’s patented method includes 0 per cent harmful chemicals and 0 per cent waste or side streams, making the fibre and the production the most sustainable in the world.

Fibre2Fashion News Desk (PC)


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