Ambercycle, a Los Angeles-based recycler of used clothing, has announced a $ 21.6 million Series A funding round to help build a circular ecosystem in the fashion industry.
The materials science company, committed to reducing waste in the fashion industry, called the funding round “oversubscribed” after receiving funding from H&M Co: Lab, Kirkbi, Bestseller’s Invest Fwd and Zalando.
With this new funding, Ambercycle has raised a total of $ 27 million to develop infrastructure and materials for the circular economy in the fashion industry. The latest investment will help the company develop and expand its technology to produce regenerated alternatives to traditional materials.
H&M Co: Lab, Kirkbi, Bestseller’s Invest Fwd and Zalando invest in Ambercycle
With environmental and government agencies estimating that more than 120 billion items of clothing are thrown away each year, Shay Sethi and Moby Ahmed founded Ambercycle in 2015 to fight piles of old clothes and create an ecosystem for different types of textiles.
The company’s breakthrough process, Ambercycling, separates and cleans textile waste at the molecular level to create regenerated materials that brands and designers can convert into new garments. In this way, the amount of materials that end up in landfills is reduced and the need to deprive the planet of limited resources is reduced.
“The transition to circular economy in fashion is inevitable. We are building an ecosystem in which materials can exist in harmony with humans and the environment. Our groundbreaking molecular regeneration process enables a clear vision of the circular economy where fashion can flow in and out of our lives. Not only does this improve the sustainability performance of the garments in our closets, it also creates a new way for us to interact with our materials, ”Shay Sethi, Ambercycle co-founder and CEO, said in a statement.
Ambercycle plans to expand Cycora after Series A funding
Ambercycle’s first solution, Cycora, is a pioneering material that reuses old clothing by processing textile waste into new, high-quality fabrics. Cycora was developed as a direct replacement for the billions of kilograms of polyester consumed annually, as it mimics the functional properties of these conventional fabrics and enables clothing brands and designers to produce high quality garments while respecting the circular economy.
Cycora was recently used by H&M for its Innovation Circular Design Story collection, launched in November. Recycled polyester has been integrated into the design of the high-waisted, tailored trousers made of stretch fabric. The innovative material has also been used in successful collaborations with brands from Los Angeles such as Justin Mensinger, Knarli and Come Back As A Flower. For Zalando, the investment is linked to its sustainability goal of extending the lifespan of at least 50 million fashion products by 2023.
“We are excited to support Ambercycle with this new collection and are thrilled to continue to be part of their successful journey. The H&M Group has an ambitious goal of making their business fully circular by 2030 and we firmly believe in the team behind Ambercycle and their exceptional commitment to their mission. We look forward to partnering with Ambercycle on this new round of funding to support the company in its commercial expansion, ”commented Erik Karlsson, Deputy Head of H&M Co: Lab.
This article originally appeared on FashionUnited.uk. Translated and edited by Simone Preuss.