Fiber-to-fiber recycling tech company Circ has closed a $25 million round of funding backed by European online fashion giant Zalando, and global materials science company Avery Dennison. Korean manufacturer Youngone also joined the round.
The latest injection of cash follows a $30 million Series B round last July, which was joined by Bill Gates-backed Breakthrough Energy Ventures, American textile manufacturer Milliken & Company, and Spanish fast-fashion giant Inditex, parent company of Zara, among others.
“Transforming the fashion economy requires leadership from influential players in the textile industry, the financial community, as well as technology innovators,” said chief executive officer Peter Majeranowski.
“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 U.S., 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.”