Infinited Fiber Company raises EUR 30 Million to fuel a circular fashion industry. H&M Group has also signed a multiyear sales deal to secure access to agreed amounts of its regenerated textile fiber Infinna™.
H&M Group leads new investment round in Infinited Fiber Company
Existing investors, as well as new ones including Adidas and Bestseller, have joined H&M Group in backing the fast-growing fashion and textile technology company as it seeks to close the loop in fashion and make circularity an everyday reality.
Their pioneering technology used to turn waste into a new premium textile fiber, not only helps H&M Group in achieving its own sustainability goals, but also has the potential to have an impact that spans the entire textile industry.
This round of investment follows Infinited Fiber Company’s April announcement of plans to build a flagship factory in Finland in response to the strong growth in demand for its regenerated textile fiber Infinna™. This injection of capital enables them to carry out the work needed to prepare for the flagship factory investment and to increase production at its pilot facilities in the years leading up to 2024.
“We’re thrilled to continue our journey with Infinited Fiber Company. To be joined by other global brands clearly speaks to the shared belief in the scalability of their technology as well as the team behind it. More importantly, it also shows the huge potential that their regenerated textile fiber has in driving the industry towards a more sustainable fashion future.”
Nanna Andersen, Head of H&M CO:LAB, H&M Group
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 also grow our customer-base in preparation for both our flagship factory and for the future licensees of our technology.
Petri Alava, co-founder and CEO, Infinited Fiber Company
Having initially invested in them in 2019, and now involved in multiple initiatives together, this follow-up investment further builds on the exciting partnership between H&M Group and Infinited Fiber Company.