Circ, a Danville, Virginia-based textile recycler, said it raised $25m in an extension of its Series B funding.
Backers in the round reportedly included Zalando, Avery Dennison, and Youngone, as well as existing investors 8090 Industries, Circulate Capital, Vodia Capital and City Light Capital.
The company intends to use the funds to expand its manufacturing efforts, as well as packaging partnerships.
Led by Peter Majeranowski, CEO, Circ has developed patented technology that recycles global fashion waste back into textiles, protecting the planet by reducing the need and demand for petroleum, trees, and other materials harvested from nature to manufacture clothes. The company aims “to recycle 10 billion garments, representing 10% of the global apparel market, which will save more than 100 million trees.”
Its technology is currently used by Patagonia, Marubeni, and Fashion For Good, among others.
The deal follows an $30M Series B round Circ closed in July 2022.
FinSMEs
02/03/2023