STOCKHOLM – Swedish fashion-tech company We Are SpinDye looks set to accelerate the development of its proprietary colouring method for synthetic textiles courtesy of a round of investment.
Dutch duo Textile Innovation Fund (TIF) and Social Impact Ventures along with Bestbase Group from China will invest a combined total of €3 million and become actively involved with the We Are SpinDye business.
We Are SpinDye’s colouring method is said to reduce water usage by up to 75 per cent, chemical usage by 90 per cent, energy consumption by 25 per cent and carbon dioxide emissions by 30 per cent comparative to traditional dyeing techniques.
The Swedish industrial innovator believes its production process gives the industry an opportunity to transition from ‘highly analog’ processes towards a digital shift that will enable colour consistency of synthetic fabrics to be precise and replicable, minimising the risk of recalls and cancelled orders.
We Are SpinDye hopes the aforementioned investments will facilitate growth of its commercial reach, the scaling of production capabilities and the leveraging of the digital opportunities.
According to the TIF fund manager Susan van Koevering, “We Are SpinDye is a business ready to scale up its proven sustainable method for colouring 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.”
This year the company has begun working with brands including Bergans of Norway, Quiksilver, Fjällräven and Odd Molly on products which carry labels featuring the SpinDye-sustainability KPIs and logo.
We Are SpinDye will continue seeking growth and will be attending several shows and events during the remainder of 2018; the firm’s colouring technology will be on show at Premiere Vision Paris, Performance Days and ISPO Munich.
Micke Magnusson, CEO at We Are SpinDye, stated: “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 digitalised industries on the globe. We are thrilled to have formed this partnership that will enable us to drive change faster and more effectively.”