Textile Innovation Company Evrnu Surpasses $9 Million in Series A Round led by Radicle Impact
In Washington state, Evrnu closed $9.1M in Series A financing for regenerative fiber technologies, including the recent debut of NuCycl, . The financing round was led by Radicle Impact who has joined the Evrnu board. Additionally, new investors include Twynam Investments Pty Ltd, Plum Alley Investments, The Mills Fabrica Fund and Giant Leap Fund. They join existing investors Closed Loop Partners, CYCLEffect Regenerative Ventures, Future Tech Lab, and Magic Hour.
At scale, Evrnu’s fiber technologies will allow the fashion industry to grow while decoupling that growth from resource extraction of virgin materials like cotton and/or petroleum based fibers. NuCycl converts pre-and post-consumer, as well as postindustrial textile materials, into new fiber diverted from landfills and incinerators. Garments made with the NuCycl technology can be disassembled at the molecular level and regenerated multiple times, helping brands drawdown the impact related to the creation and disposal of garments. To-date Evrnu has raised approximately $ 11.7 Million. Evrnu will use the Series A financing to expand the team, begin scaling through a licensing model by 2020 and ensure product development is translated to production efficiently.
Category: Fuels
