The funding achievement for Worn Again Technologies represents a milestone in the commercialisation of circular strategies for hard-to-recycle fabric blends.
Worn Again counts industrial stalwarts Sulzer and Oerlikon as well as fashion retailer H&M as key strategic investors.
This latest investment round brings Worn Again Technologies’ total raised funding to GBP42.9m, representing the start-up’s most successful funding tranche since its founding. Showing strong backing for the company’s vision, this participation came from some existing partners and main stakeholders.
Worn Again Technologies is focused on enabling the creation of a more sustainable, conscious, and resilient value chain based on zero-waste, circular strategies. The secured funding is dedicated to the realisation of a large-scale demo plant that will leverage ground-breaking polymer processing technologies to upcycle 1,000 tonnes of textiles per year. More precisely, the investment will help drive the expansion of the company and its setup, contributing to the commercialisation of a highly effective solution to reduce textile waste.
Erik Koep, CEO at Worn Again Technologies, said: “We are extremely happy with the results of this funding round, which was our most successful so far. As such, it demonstrates the strength and growing interest in our textile recycling framework. We are well-positioned to enter the next phase of our business growth, as we can get closer to offering large-scale commercial facilities for blended polycotton materials.”
Georg Stausberg, CEO Oerlikon Polymer Processing Solutions Division, adds: “The time for circular strategies and their enabling technologies is now. This is why cutting-edge projects, such as Worn Again Technologies’ demonstration plant, are so valuable and are advancing at pace alongside current market trends and demands. We are excited to support this start-up in its next steps, driving the creation of a collaborative, circular economy for textiles.”
In June, Worn Again Technologies launched the Swiss Textile Recycling Ecosystem, marking a key milestone in the upscaling of its recycling process technology.
The Ecosystem is a network comprising fabric and textile manufacturers, waste collectors and sorters, as well as retailers, brand owners, and technology providers. All these parties will cooperate to make their shared sustainability vision for the sector a reality.