SEATTLE, Wash. — November 1, 2021 — Textile innovations company Evrnu announced today it has raised $15 million in its Series B financing to scale and meet the surging demand for its fiber regeneration platform, NuCycl, as a solution to the textile waste crisis. The round was led by FullCycle Climate Partners, which will also serve as a significant project financing partner. Globally diversified supply chain partners and brands are also joining the round as co-investors including Hansae, Bestseller, and PDS Venture, PDS Multinational Fashions’ venture tech portfolio.
“Over the last few years, we have iterated and fine-tuned NuCycl technologies to meet and exceed the quality and performance demands of the luxury industry,” said Stacy Flynn, CEO and co-founder of Evrnu. “We are now proving these technologies at scale, with short-term plans for global expansion.”
This strategic financing will be used to expand Evrnu’s facilities and operations in South Carolina and service high volumes of NuCycl fibers to the fashion industry. It will also enable key, strategic hires in growth functions and technical roles as Evrnu expedites global deployment of NuCycl to meet the scale required to alleviate dependency on virgin resources and create material emissions reductions throughout the fashion value chain.
“Brands know that they need to materially address their emissions and that their customers are watching and demanding that they do better,” said Kyle Adkins, partner at FullCycle. “FullCycle is excited to partner with Evrnu to build and deploy true molecular circularity with the capacity and scale to meet the demands of even the largest participants in this global industry.”
Evrnu’s breakthrough technologies create a pathway to insert the tens of millions of tons of textile waste that end up in landfills or incinerators every year back into the value chain. The NuCycl platform depolymerizes textile waste and repolymerizes it into pristine fibers that are on par or higher quality than the inputs and can be recycled multiple times — an unlock for textile recycling.
Having developed the technologies to address recycling more than 90 percent of all apparel, with one patent granted and several others pending, Evrnu is on course to deploy technologies that allow for all textiles to be successfully recycled by 2030.
“All gold that’s ever been sourced is still in circulation — it gets melted and casted over and over again,” says Christopher Stanev, CTO of Evrnu. “That’s Evrnu’s goal for textile fibers: Our technologies enable them to stay in circulation, while maintaining their performance attributes.”
Enabled with this financing, Evrnu will be rolling out each technology in partnership with global supply chain partners to meet the needs of this emerging market and scale required for material impact. Evrnu has advanced R&D contracts under way, in fashion, as well as in new markets, such as home furnishings and automotive.
Posted November 1, 2021
Source: Evrnu
