Exclusive: BEV-backed clothing recycler Circ nets $25M
Megan Hernbroth, author of Axios Pro: Climate Deals March 1, 2023
Circ, a textile recycler, raised $25 million in Series B extension funding, the company exclusively tells Axios.
Why it matters: The fashion industry is among the highest emitting industries, and companies across the sector are seeking to address the issue in its textile supply chains to make progress towards net-zero.
How it works: Circ breaks down polymers used in textiles and separate the individual fibers that can be reused in new clothing
Circ recycles textiles by breaking down polymers into individual fibers. Those fibers are res pun and used back in clothing production without creating new emissions.
Details: European e-commerce group Zalando, Fortune 500 packaging company Avery Dennison, and Korean manufacturing corporation Youngone participated in the all-equity extension round.
• Existing investors 8090 Industries, Circulate Capital, Vodia Capital and City Light Capital also reupped in the round, which did not grant any additional board seats.
• Bill Gates-founded Breakthrough Energy Ventures led Circ’s s30 million Series Bin July.
Between the lines: Circ’s newest investors allow it to double down on manufacturing and packaging partnerships.