Colorifix has announced the completion of an 18 million pound Series B capital round headed by H&M Co:lab, the H&M Group’s investment arm.
After its first customer implementation with the Valérius Group in Portugal, the biotech company, which claims to be the first to pioneer a totally biological dyeing process, is trying to scale up to an industrial scale.
The eco-textile dyeing technique, which has already been introduced with H&M and Pangaia, aims to aid in the industry’s sustainable transition.
Colorifix’s chief operating officer, Chris Hunter, said in a statement, “We are happy that H&M Co:lab has led this round, following smaller investments in our Seed and Series A.”
“They have been tremendously helpful from the beginning and have demonstrated that they are the perfect partners to assist us to achieve our expansion goal,” Hunter stated. We’re also grateful to have such a strong overall collection of strategic and theme investors that provide deep domain experience and strong international networks to our core emphasis areas and operating nations.”
Driving a growth plan
The funds will be used to triple Colorifix’s personnel as the company prepares to expand into Europe and Asia, introducing its technology into brand supply chains.
The majority of the company’s employees are currently based in Norwich, UK, where the company’s labs and offices are located, as well as a demonstration site in Cambridge. It also has a presence in London through The Mills Fabrica, a commercial partner, and is developing a subsidiary in Portugal, where it hopes to create an office.
Pascal Brun, H&M’s head of sustainability and Colorifix board director, said, “We’re happy to continue to strengthen our collaboration with Colorifix and its excellent staff.”
“Supporting them during their exciting next phase of growth in scaling their unique game-changing technology speaks directly to H&M Group’s sustainability work, but it also has the potential to positively impact the entire industry,” he added.