Virginia-based textile recycling start-up Circ has announced that it secured a $30 million dollar series B funding round with support from well-known industry names, including Inditex. The firm said it will utilise new funds in advancing its goal of reducing fashion waste.
The leading Spanish fashion company Inditex’s investment marks its first in a clean tech company. Other prominent investors included Bill Gates’ Breakthrough Energy Ventures (BEV), American textile group Miliken & Company and investment firm Lansdowne Partners.
Circ’s innovative system recycles clothing blends of polyester and cotton to raw materials to be reused. This technology has previously attracted early investments from Patagonia and Fashion For Good. The firm will use the funds to scale-up its facilities while expanding commercially.
Peter Majeranowski, Circ CEO said in a press release about the latest funding round: “With this investment round, we’ve secured suppliers, purchasers and major financial stakeholders to establish a much cleaner fashion future.”
“We already have all the clothing we need to make all the clothing we’ll ever need. Now, alongside our partners, we can make recycled garments accessible to every shopper.”