Circ Raises Over $30 Million, Expanding Potential for Garment Recycling and Garment Waste Disposal, Through Investments from Garment and Tech Industry Giants
Breakthrough Energy Ventures leads Series B for the Virginiaa New York-based circular fashion company, with additional support from Inditex, Milliken, Lansdowne, Temasek, and more.
Investment demonstrates Circ’s growing power in the circular textile market
DANVILLE, Va., July 15, 2022 /PRNewswire/ — The Circular Fashion Company circ announced more $30 million in a Series B financing backed by some of the world’s largest apparel companies and venture capitalists. The investment will help advance Circ in its mission to protect the planet from the cost of clothing. The round was led by the company founded by Bill Gates Breakthrough Energy Companies (BEV) with additional investment from new partners, including one of the world’s largest fashion retailers Inditexdiversified global manufacturer and leader of American textiles Milliken & Companyand international investment groups Lansdowne Partners and Temasek. Previous investors who joined Circ’s latest funding round include 8090 Partners, Capital of Alante, Map Sound Capital, Circulate capital, View Partnersand Marubeni.
Circ has developed the revolutionary technological system that takes clothing back to the raw materials from which it was made, preserving the earth’s natural resources in nature. Most people are unaware of the ingredients that make up our clothes, often forgetting that these materials come directly from the earth in the form of natural fibers like cotton and synthetic fibers like polyester, which is made entirely from petroleum-dependent plastic. . The company’s technology is uniquely capable of separating and recovering blended polymer streams, specifically any blend of polyester and cotton, which accounts for most manufactured fabrics and, therefore, most garments hanging in our closets. collectives. Circ’s technology is expected to significantly reduce the carbon emissions created by the fashion industry.
“Combining best-in-class financial investors, led by Breakthrough Energy Ventures with investment from fashion market leader Inditex, is a stepping stone to rapid, large-scale manufacturing success,” says Pierre MajeranowskiCEO of Circ. “With this round of investment, we have secured suppliers, buyers and key financial players to establish a much cleaner fashion future. We already have all the clothes we need to make all the clothes we will ever have. Now, alongside our partners, we can make recycled clothing accessible to all shoppers.”
Circ’s innovation has caught the attention of major brands and organizations, including early investors Patagonia, Marubeni and Fashion For Good. This latest round of funding will help the company complete its engineering work for larger-scale facilities while pursuing commercial launches with key partners. The funds will also be used to add core team members in engineering, R&D, management, and business development.
“It is estimated that the textile industry represents more than 1 Gt of CO2 equivalent emissions per year from 2016most of which comes from raw materials,” said Carmichael Roberts, BEV. “BEV was founded to provide innovative solutions, such as technology created by Circ, that will reduce and eliminate greenhouse gas emissions as quickly as possible. Recycling can reduce emissions associated with derived textile raw materials, however , most textiles are blends that are difficult to separate and recycle.We view Circ’s ability to recycle blended textiles as an important breakthrough that can help us meet our global carbon targets by reducing the carbon intensity of textile raw materials.
“At Inditex, we are delighted to announce that Circ is our first venture capital investment in a clean technology company,” said Óscar García Maceiras, general manager of Inditex. “In partnership with Circ, we are committed to driving the transformation of the entire fashion industry. We look forward to contributing our knowledge and entrepreneurial capabilities to Circ’s rapid success and achievement in the future. ‘industrial scale’.
The announcement follows a period of remarkable growth for the company, which announced a partnership with international technology group Andritz in the summer of 2021. The partnership was focused on rapidly scaling Circ’s patented recycling process with the help of Andritz’s global reach and deep expertise in manufacturing and engineering. equipment.
To learn more about Circ, visit www.circ.earth.
circ is on a mission to power the clean closet with patented technology that recycles global fashion waste into textiles, again and again. We protect our planet by reducing the need and demand for petroleum, trees and other wild-harvested materials to make clothing. Circ is building a true circular eco-economy for the fashion industry. Based at Danville, Virginiaformer epicenter of textile production in United States, Circ is revitalizing the future of materials technology and manufacturing. Visit www.circ.earth to learn more.
About Breakthrough Energy Ventures
Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that seeks to invest, launch and scale global businesses that will eliminate economy-wide GHG emissions as soon as possible. BEV is looking for real breakthroughs and is committed to supporting these entrepreneurs and businesses by bringing a unique combination of technical, operational, market and policy expertise.
BEV is part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.
Inditex is one of the largest fashion retailers in the world, with seven brands (Zara, pull and bear, Massimo Dutti, Bershka, Stradivari, Oyshoand Zara house) operating in over 200 markets through its online platform and stores.
With a business model focused on satisfying customer desires in a sustainable way, Inditex is committed to achieving climate neutrality by 2040.
Karen Navarre Wicki | Circ: [email protected]