Textile recycler Circ raises US$30m+ in new funding

DANVILLE – US-based recycling company Circ has raised more than US$30m in a Series B funding round. Global fashion brands are among the backers, including Zara owner Inditex. US textile manufacturer Milliken & Company and the Bill Gates-founded Breakthrough Energy Ventures (BEV) led the round.

Previous investors include 8090 Partners, Alante Capital, Card Sound Capital, and Marubeni. The latest investment means Circ has raised US$45m to date.

Circ will use the cash to scale its technology which recycles blends of polyester and cotton back into raw materials.

“Combining best in class financial investors, led by Breakthrough Energy Ventures with investment from fashion market leader Inditex, is a springboard to rapid, large scale manufacturing success,” says Peter Majeranowski, CEO at Circ.

“With this investment round, we’ve secured suppliers, purchasers, and major financial stakeholders to establish a much cleaner fashion future.”

“We already have all the clothing we need to make all the clothing we’ll ever need. Now, alongside our partners, we can make recycled garments accessible to every shopper.”

Circ said the new funding will help it complete engineering work for larger scale facilities while continuing commercial launches with key partners.

Funds will also be used to add expertise in engineering, R&D, management, and business development.

“The textiles industry is estimated to account for over 1 Gt of CO2-equivalent emissions per year as of 2016, the largest portion of which comes from raw materials,” said Carmichael Roberts at Breakthrough Energy Ventures.

“BEV was founded to drive innovative solutions, like the technology Circ has created, that will reduce and eliminate greenhouse emissions as quickly as possible.”

“Recycling can reduce emissions associated with deriving textile raw materials, however, most textiles are blends, which are difficult to separate and recycle.”