Swedish apparel technology company We Are Spindye is pressing forward with plans to develop a sustainable colouring method for synthetic yarns and fabrics – a move it claims will cut water use by 75% and chemical use by 90% – after receiving an EUR3m (US$3.5m) cash boost.
Dutch investment firms Social Impact Ventures and Textile Innovation Fund, together with Chinese garment supplier Bestbase Garment Group, have invested EUR3m in We are Spindye with the aim that the company will use the capital injection to increase marketing and increase production capacity of its sustainable products.
Go deeper with GlobalData
“The developed Swedish technique for colouring fibres is better for the environment than existing techniques,” says Social Impact Ventures. “[We] hope to unleash a revolution in the textile industry.”
The Spindye method will also cut energy consumption by 25% and CO2 emissions by 30%.
Eske Scavenius, senior investment manager at Social Impact Ventures, says: “We had been looking for start-ups that could make the textile industry more sustainable. The aim now is to apply the technology on a large scale.”
Scavenius is set to join the board of We Are Spindye as a result of the announcement.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
