Evrnu Raises $15 Million in Series B Financing
Textile company Evrnu announced the raising of $15 million in Series B financing to scale and meet the increasing 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. Other brands and supply-chain partners joining the round as co-investors include Hansae, Bestseller and PDS Venture, PDS Multinational Fashions’ venture-tech portfolio. The latest news brings Evernu’s total raised to $24 million, following an initial $9.1 million investment round.
Evrnu’s NuCycl technology allows for products to be made from discarded clothing multiple times by using regenerative fiber technologies. Products made with NuCycl can be disassembled to the molecular level and regenerated multiple times into clothing and home and industrial textiles. Evrnu is already working with companies including Levi’s, Adidas and Target to license its technology.
Evrnu’s technologies help achieve a circular economy by reusing instead of creating waste. The NuCycl platform depolymerizes textile waste and repolymerizes it into pristine fibers. Having already developed the technologies to address the recycling of over 90 percent of all apparel, the company is on pace to have technologies that allow for all textiles to be successfully recycled by 2030.
The financing will be used to expand Evrnu’s facilities and operations in South Carolina and service larger volumes of NuCycl fibers to the fashion industry. It will also enable more hiring in growth functions and technical roles as the company expands to the global deployment of NuCycl. In addition, Evrnu has advanced research-and-development contracts under way in the fashion industry as well as the home furnishings and automotive industries.