Circular fashion and textile technology group Infinited Fiber Company (IFC) has secured investments totaling €30 million. The company now also has new investors, including sportswear company adidas AG, Herzogenaurach/Germany, Invest FWD A/S, the investment arm for sustainable fashion of Bestseller, and investment company Security Trading Oy, Helsinki/Finland. Among the existing investors contributing to this round of financing were fashion retailer H&M Group, investment company Nidoco AB, Stockholm/Sweden, and viscose producer Sateri, Shanghai/China.
This securement of new funding follows the announcement by Infinited Fiber Company Oy, Espoo/Finland, of plans to build a flagship factory in Finland in response to the strong growth in demand from global fashion and textile brands for its regenerated textile fiber Infinna. The factory, which will use household textile waste as raw material, is expected to be operational in 2024 and to have an annual production capacity of 30,000 tons.
IFC’s technology turns cellulose-based raw materials, like cotton-rich textile waste, into Infinna, a premium-quality regenerated textile fiber. It is biodegradable and contains no microplastics, and garments made with it can be recycled in the same process together with other textile waste.
Hennes & Mauritz AB (H&M), Stockholm, is one of IFC’s earliest investors in 2019. H&M has also signed a multi-year sales deal with IFC to secure its access to agreed amounts of Infinna. New investor Bestseller, Brande/Denmark, has struck a similar deal.