Textiel Innovatie Fonds among group of financiers to invest in Swedish We Are SpinDye

By

Shomara Roosblad

Published
Sep 4, 2018

The Dutch Textiel Innovatie Fonds is amongst a group of financiers to invest in the Swedish company, We Are SpinDye.

Together with the Dutch company Social Impact Ventures and the Chinese group Bestbase Group, Textiel Innovatie Fonds has injected €3 million in the fashion tech company.

The funding marks the first external investment for We Are SpinDye. The sustainable company aims to scale up its marketing activities and increase its production capacity. Moreover, the company said that it aims to continue its current growth trajectory in order to contribute to the creation of a positive impact and innovation in the textile industry.

Susan van Koeveringe, funding manager at Textiel Innovatie Fonds, said:“We are SpinDye is set to apply its innovative, sustainable technology on a larger scale. Based on the quality and dedication of the We are SpinDye team and our fellow investors, we are pleased to participate in this process. This investment is in line with the investments that the Textiel Innovatie Fonds strives for.”

Micke Magnusson, CEO at We are SpinDye, added: “The textile sector is still making great strides in the area of digital innovation. With these partners we have the expertise, experience and capital to start a true revolution in the fashion industry.”

We Are SpinDye has developed a sustainable method for coloring synthetic fibers. The technique reduces water wastage by 75%; the use of chemicals is 90% lower; the total energy consumption can be reduced by 25%; and the CO2 emissions are 30% lower, compared to traditional techniques.

Retailers, including Bergans of Norway, Quiksilver and Fjällräven currently use the SpinDye method.

Textiel Innovatie Fonds is a company by BB Capital and is based in The Hague. The fund launched in 2016 and aims to strengthen today’s business climate by the development of sustainable new technologies in the textile sector. In June, Textiel Innovatie Fonds acquired an interest in NORMN Hangers, a manufacturer of patented, durable clothing hangers that offer a solution to the plastic problem in the fashion industry.