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July 7, 2021

Coloreel secures SEK70m to expand into sewing

Sweden's Coloreel has raised the funds, which equate to US$8.14m, in a private placement to existing and new shareholders.

By Beth Wright

The textile innovation brand says the financing will be used to support market expansion and growth and to initiate expansion into new application areas such as sewing.

“In this private placement, we bring in a number of exciting and strong investors alongside the existing major shareholders, Robur Ny Teknik, SEB Stiftelsen, Svea Ekonomi, and Ilija Batljan, who also participated in this placement. In parallel to this, we now receive more and more new expressions of interest from additional investors,” says Coloreel founder and main owner Joakim Staberg. 

Coloreel’s technology for digital dyeing of textile thread on-demand gives embroidery manufacturers and fashion designers a number of significant competitive advantages. The technology maximises the users’ creative potential while minimising the environmental impact.

The firm says each of the 8m installed embroidery heads worldwide can be equipped with its technology.

To date, Coloreel, with the help of existing distributors, has delivered its technology to 11 countries in Europe, the United States, and Asia, albeit in limited volumes. It has also started business with what it describes as the world’s largest distributor of embroidery machines, US-based Hirsch Solutions, which has installed the technology with several end-customers in the US.

Coloreel CEO Mattias Nordin adds the company is noticing a sharp increase in activity as more and more markets open up.

“Larger orders such as the one recently announced from Tryckhuset AB is great proof that we are on the right track in our ambition to modernise the use of embroidery in the textile industry.”

 

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