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US textile firm Evrnu surpasses $9 mn in series A round
07 Oct 19 2 min read
Evrnu, a Seattle-based textile innovation company specialising in regenerative fibre technologies, recently closed $9.1 million in series A financing. The financing round was led by Radicle Impact, which has joined the Evrnu board. New investors include Twynam Investments Pty Ltd, Plum Alley Investments, The Mills Fabrica Fund and Giant Leap Fund.
They join existing investors Closed Loop Partners, CYCLEffect Regenerative Ventures, Future Tech Lab, and Magic Hour.
Evrnu will use the Series A financing to expand the team, begin scaling through a licensing model by 2020 and ensure product development is translated to production efficiently.
An estimated $500 billion in retail value is lost every year by garments being discarded or burned. Evrnu’s technology solutions divert these garments from landfills, putting them back into the value chain as feedstock that can be broken down by Evrnu’s patent pending processes and turned into new, usable material, according to a company press release.
At scale, Evrnu’s fibre technologies will allow the fashion industry to grow while decoupling that growth from resource extraction of virgin materials like cotton or petroleum-based fibres.
Through research and development, Evrnu labs invent technologies and license them to producers who supply to the global fashion industry. This enables the apparel industry to modernize by cost-effectively leveraging the existing infrastructure. To-date Evrnu has raised approximately $ 11.7 million.
Evrnu is focusing on the first technology, NuCycl, and has proven success. NuCycl converts pre-and post-consumer, as well as post-industrial textile materials, into new fibre diverted from landfills and incinerators. Garments made with the NuCycl technology can be disassembled at the molecular level and regenerated multiple times, helping brands draw down the impact related to the creation and disposal of garments.
They join existing investors Closed Loop Partners, CYCLEffect Regenerative Ventures, Future Tech Lab, and Magic Hour.
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Evrnu will use the Series A financing to expand the team, begin scaling through a licensing model by 2020 and ensure product development is translated to production efficiently.
An estimated $500 billion in retail value is lost every year by garments being discarded or burned. Evrnu’s technology solutions divert these garments from landfills, putting them back into the value chain as feedstock that can be broken down by Evrnu’s patent pending processes and turned into new, usable material, according to a company press release.
At scale, Evrnu’s fibre technologies will allow the fashion industry to grow while decoupling that growth from resource extraction of virgin materials like cotton or petroleum-based fibres.
Through research and development, Evrnu labs invent technologies and license them to producers who supply to the global fashion industry. This enables the apparel industry to modernize by cost-effectively leveraging the existing infrastructure. To-date Evrnu has raised approximately $ 11.7 million.
Evrnu is focusing on the first technology, NuCycl, and has proven success. NuCycl converts pre-and post-consumer, as well as post-industrial textile materials, into new fibre diverted from landfills and incinerators. Garments made with the NuCycl technology can be disassembled at the molecular level and regenerated multiple times, helping brands draw down the impact related to the creation and disposal of garments.
Fibre2Fashion News Desk (DS)
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