Colorifix raises scaling funds for dyeing solution
Biological dyeing firm Colorifix has raised US$3 million from impact and strategic investors with links to the fashion industry as part of a Series A investment round.
These funds, the company states, will support the expansion of its UK-based facility and the growth of its team as Colorifix prepares to launch a number of fashion sector pilots.
The successful investment round was led by Challenger 88, with participation from Cambridge Enterprise, H&M CO:LAB and Primera Impact.
Following the funding being secured, Colorifix CEO, Orr Yarkoni, noted: “It took us a while to find the right investors but I really don’t think we could have built a more strategic and impactful partnership moving forwards than the one we have now.
“Our investors are passionate about our mission towards the environment and will certainly help us on the long road to changing a global industry”.
Colorifix was founded in 2015 and has developed technology which the firm believes offers the first commercially credible alternative to using fossil fuels in dye production.
This is achieved by avoiding the use of hazardous chemicals, making biological dyes from renewable resources and agricultural by-products; a process which is also said to save on water use, energy, and waste.
The technique developed by Colorifix involves using synthetically grown organisms that effectively concentrate and readily absorb nutrients, salts and other elements. The company believes that once scalability has been achieved its new technology can make the deposition and fixation of dyes more efficient and eliminate the use of metal salts and heavy metals to raise or lower pH levels. Wolfgang Hafenmayer, managing partner of Challenger 88, said: “The more time we have spent with the Colorifix team, the more excited we have become about their novel approach to dyeing which has the potential to radically improve one of the most environmentally destructive industries on the planet.”
In April 2018, Stella McCartney debuted a dress which had been created using Colorifix’s innovative dyeing technology. McCartney cited the firm’s ability to use around ten times less water and forego the traditional harmful chemicals associated with traditional dyeing techniques as her primary motivations for collaborating with the UK-based firm.