Circ closes 25 million dollar funding round, backed by Zalando and Avery Dennison
Circular fashion firm Circ has announced it has secured 25 million dollars in additional funding as a number of new investors stepped on board.
Among its backers are European multibrand platform Zalando, materials science company Avery Dennison and Korean manufacturing corporation Youngone, which joined a string of previous investors that participated again.
The new funding follows the firm’s recent 30 million dollar Series B round, announced in July 2022, which counted the likes of Inditex and Milliken & Company among the financiers.
Through the latest round, Circ is looking to accelerate its industrial-scale facilities in order to bring its first consumer products to the market.
Its technology returns clothes to their raw materials, separating and recovering mixed polymer streams and any blend of polyester and cotton, with the ultimate goal of reducing carbon emissions created by the fashion industry.
In a release, Peter Majeranowski, CEO at Circ, said: "Transforming the fashion economy requires leadership from influential players in the textile industry, the financial community, as well as technology innovators.
“The Circ team, which includes not only our employees but also our investors and partners, encompasses a diverse group of retail, manufacturing, and engineering leaders across the US, Europe, and Asia.
“We share a common view that a clean future for the fashion industry is not only possible but also essential for humanity.
“With each funding round and expansion in our partner base, we become more capable of ending the costly and preventable cycle of garment waste. I couldn’t be more excited.”