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Textile Innovation Fund invests in sustainable Swedish fashiontech company We aRe SpinDye®

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Textile Innovation Fund (Netherlands), Social Impact Ventures (Netherlands) and Bestbase Group (China) invest 3 million euros and their active involvement in We aRe SpinDye®. The Swedish fashion-tech company developed a sustainable coloring method for synthetic textiles, drastically reducing the massive negative environmental impact involved in the traditional dyeing process.

The global textile industry is accountable for significant negative environmental impact; water waste, water pollution and greenhouse gas emissions from the dyeing process are among the most disturbing. The Swedish fashion-tech company We aRe SpinDye® has developed a sustainable coloring method for synthetic textiles in the fashion and apparel industry. With the SpinDye® coloring process, water usage is reduced by 75 percent, the use of chemicals by 90 percent, energy consumption by 25 percent and the carbon dioxide emissions footprint is cut by 30 percent compared to traditional dyeing.

The three investors are showing their mutual commitment to drive change in the fashion and apparel industry towards a more sustainable and circular production that can be used by all textile companies concerned with resource efficiency.

“We aRe SpinDye® is a business ready to scale up its proven sustainable method for coloring synthetic textiles. With the quality and dedication of the We aRe SpinDye® team and our partner investors, we are pleased to be on board, creating the impact that is perfectly in sync with the kind of investments the Textile Innovation Fund is aiming for”, says TIF fundmanager Susan van Koeveringe

The standardized production process leads the highly analog industry towards a much needed digital shift, enabling the color consistency of the fabrics to be precise and replicable and minimizing the risk of recalls and cancelled orders.

Eske Scavenius from Social Impact Ventures, who will be joining SpinDye’s Board of Directors, says: “We are very excited to be investing in We aRe SpinDye®. We have been on the lookout for scalable innovations that combine business with impact and accelerate the transition towards a clean and healthy textile industry: We aRe SpinDye® fits the bill perfectly, and we look forward to supporting the company’s growth.” Warner Philips, partner at Social Impact Ventures and Board Chair of the Cradle to Cradle Products Innovations Institute, adds:  “Although We aRe SpinDye® is not yet C2C certified, it is exactly the kind of solution that the industry needs to become more sustainable, as evidenced by their impressive traction with fashion and apparel brands.”

This year We aRe SpinDye® got its breakthrough and brands like Bergans of Norway, Quiksilver, Fjällräven and Odd Molly are using the SpinDye®-coloring method. The products are labelled with the SpinDye®-sustainability KPIs and logo indicating the fabric is colored with the SpinDye®-coloring method. The company currently has positive cash flow, turned a profit in 2017, and this is the first time raising external capital.

“We at Bestbase Group think it’s wonderful to work with a group of people with ideals. We develop sustainable fabrics to do what we can to protect our environment and to give the coming generations a greener planet”, says Victor Zhu, CEO, Bestbase Group.

With this partnership, the three investors prove their commitment to drive change in the fashion industry towards a more sustainable and circular production process that can be used by all textile companies concerned with resource efficiency.

“I am thrilled to have Textile Innovation Fund, Social Impact Ventures and Bestbase Group on board as new partners. Their solid experience of supporting young businesses, new circular business models and maneuvering in the complex landscape of the textile industry will strengthen us. And most importantly, we all share a passionate belief that the textile industry must change for the better. The investment will give We aRe SpinDye® the resources to invest in growth and sets us on the path of being true change makers in the industry. We are looking forward to working with them”, says Axel Mörner, angel investor and chairman of We aRe SpinDye®.The investments will grow We aRe SpinDye®´s commercial reach and the impact of the brand, scale production capabilities and leverage the digital opportunities in the analog world of textile manufacturing, increasing the company´s already impressive growth trajectory.

Micke Magnusson, CEO at We aRe SpinDye® summarizes and concludes: “With our three new partners on board we will further fuel the revolution the fashion and apparel industry is going through. The global fashion industry is accountable for massive environmental impact and is one of the least digitalized industries on the globe. We are thrilled to have formed this partnership that will enable us to drive change faster and more effectively.’