Sweden-based Coloreel reports it has raised 70 million Swedish Krona ($8.1 million) that will be used to support the market expansion and growth of its unique patented technology for dyeing textile threads digitally and on-demand. The technology offers embroidery providers an number of benefits including creative freedom, high embroidery quality, and no thread or water waste. Existing embroidery heads may be equipped with Coloreel’s technology. The company is represented in the United States by Hirsch Solutions, Peachtree City, Ga., which has already installed the technology at several U.S. customers.
“In parallel to this [private placement], we now receive more and more new expressions of interest from additional investors which feels very exciting,” said the company’s founder and main owner Joakim Staberg.