Infinited Fiber Company, a Finland-based producer of a regenerated textile fibre, has raised €30m ($35.5m) in a round led by fashion retailer H&M and backed by Invest FWD, the investment arm of apparel group Bestseller, sportswear company Adidas and viscose producer Sateri, which is part of of the RGE group.
They were joined by investment companies Security Trading and Nidoco.
Infinited Fiber Company has developed a regenerated textile fibre named Infinna, which is obtained from cellulose-based raw materials like cotton-rich textile waste. Infinna is biodegradable, contains no microplastics and can be recycled in the same process together with other textile waste, the company said.
The funding will contribute to building a new production facility based in Finland, which will use household textile waste as raw material. The factory is expected to be operational in 2024, with an annual production capacity of 30,000 metric tons.
The company previously raised $4.4m in funding from investors including H&M, Sateri, energy company Fortum and investment firm Virala in an April 2019 round.
Petri Alava, co-founder and CEO of Infinited Fiber Company, said: “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.”