Adidas, Bestseller and H&M are among the latest brand investors in circular fiber innovation.
Infinited Fiber Co. unveiled its latest funding round on Monday. The round totaled 30 million euros and closed on June 30 and will help Infinited evolve its limited-run Infinna fiber made from textile waste.
As recently as last week, Patagonia announced that it has signed a multi-year agreement with Infinited Fiber Co. to access Infinna. Like Patagonia, H&M Group and Bestseller signed a multi-year sales agreement with the company to secure its access to the agreed-upon quantities of Infinna from the planned flagship plant.
The flagship was unveiled in April and will be located in Finland with an annual production capacity of 30,000 metric tonnes (roughly 100 million t-shirts made with 100% Infinna) when opened in 2024.
âWe are delighted to continue our journey with Infinited Fiber Company by investing more in this business,â said Nanna Andersen, Head of H&M Co: Lab, the investment arm of the H&M Group. H&M invested in the business in 2019. âBeing joined by other global brands is a clear testament to the shared belief in the scalability of their technology as well as the team behind it. More importantly, it also shows the enormous potential of their regenerated textile fiber to lead the industry towards a more sustainable fashion future. “
Lise Kaae, board member of Invest FWD (the investment arm of Bestseller), said that Infinited “has the opportunity to close the loop in the fashion industry with textile-textile recycling “, expressing alignment with the fast fashion brand’s sustainability goals.
With the ambition to have nine out of 10 products made from sustainable materials by 2025, Katja Schreiber, senior vice president of sustainability at Adidas, said: Cellulose-based materials with Infinited Fiber Company.
Recent investors in the brand, including H&M and Adidas, found themselves “lagging behind” on transparency goals and reducing overall use of synthetics in a report by the nonprofit Changing Markets Foundation released this week. last.