Circular textile firm Infinited Fiber Company has successfully closed on a development financing round totalling 40 million euros, with a slew of new and old investors joining in the backing.
The first part of the round, which closed in summer 2023, included funding from existing investors such as H&M Group, Adidas, Bestseller and Zalando, which the company said all “further reinforced their long-term commitment”.
In the latest round of investments, which amounted to 27 million euros, a slew of new investors also came on board, including Zara-owner Inditex and TTY Management, the asset management firm owned by Fast Retailing chairman and president, Tadashi Yanai.
Others to join in investing were clothing manufacturer Youngone and Japanese sportswear manufacturer Goldwin.
Following this round, Inditex, TTY Management and H&M Group are now the largest shareholders of Infinited Fiber Company.
In a release, the company’s co-founder and CEO, Petri Alava, said: “It is fantastic to have these impactful companies onboard as our new investors. This investment is crucial for further advancing the scale-up of Infinna [Infinited’s circular textile], and it underscores the industry’s confidence in our technology as one of the key enablers for circularity in the textile sector.”
