Infinited Fiber to raise €30 million in a round backed by Bestseller, H&M and Adidas

Infinited Fiber, an Espoo, Finland-based manufacturer of textile by using a technonology that turns textile waste and other pulp-based materials into new textile fibres, announced the completion of a €30 million ($36.1M) capital funding round.

The money was raised from a range of new and existing investors, including sportswear company adidas, Invest FWD A/S, which is BESTSELLER’s investment arm for sustainable fashion, investment company Security Trading Oy, fashion retailer H&M Group via H&M CO:LAB, who was the lead investor, investment company Nidoco AB, and Sateri, the world’s largest viscose producer and a member of the RGE group of companies.

The new funding follows Infinited Fiber Company’s April announcement of plans to build a flagship factory in Finland. The factory, which will use household textile waste as raw material, is expected to be operational in 2024 and to have an annual production capacity of 30,000 metric tons. The new funding enables Infinited Fiber Company to carry out the work needed to prepare for the flagship factory investment and to increase production at its pilot facilities in the years leading to 2024.

Infinited Fiber Company Ltd. (IFC), founded in 2018 as a spinoff from VTT and led by CEO Petri Alava, developed a technology that can turn textile, cardboard and agricultural waste to new and better cotton. The final output, Infinna, is an unique, premium-quality regenerated textile fiber with the natural, soft look and feel of cotton. Infinna is biodegradable and contains no microplastics, and at the end of their life, garments made with it can be recycled in the same process together with other textile waste.

Infinited Fiber Company previously raised money in 2019.