Evrnu gains funding for textile recycling venture

Seattle-based Evrnu says it has raised $15 million in a Series B funding round to help it “scale and meet the surging demand for its fiber regeneration platform, NuCycl.”

The financing round was led by Los Angeles-based FullCycle Climate Partnethe rs, which also is an investor. “Globally diversified supply chain partners and brands are also joining the round as co-investors,” including South Korea-based Hansae, Denmark-based Bestseller, and PDS Venture, the venture tech portfolio of India-based PDS Multinational Fashions, say the two companies.

“Over the last few years, we have iterated and fine-tuned NuCycl technologies to meet and exceed the quality and performance demands of the luxury industry,” says Stacy Flynn, CEO and co-founder of Evrnu. “We are now proving these technologies at scale, with short-term plans for global expansion.”

The new funding will be used to expand Evrnu’s facilities and operations in South Carolina and provide what the company calls “high volumes of NuCycl fibers to the fashion industry.” Global deployment of NuCycl is one of the goals, says Evrnu, to “meet the scale required to alleviate dependency on virgin resources and create material emissions reductions throughout the fashion value chain.”

Comments Kyle Adkins, a partner at FullCycle, “Brands know that they need to materially address their emissions and that their customers are watching and demanding that they do better. FullCycle is excited to partner with Evrnu to build and deploy true molecular circularity with the capacity and scale to meet the demands of even the largest participants in this global industry.”

Evrnu says its technologies “create a pathway to insert the tens of millions of tons of textile waste that end up in landfills or incinerators every year back into the value chain.” NuCycl depolymerizes textile waste and repolymerizes it into “pristine fibers that are on par or higher quality than the inputs and can be recycled multiple times,” claims the company.

The company says its technologies address the recycling of 90 percent or more of all apparel, meaning Evrnu “is on course to deploy technologies that allow for all textiles to be successfully recycled by 2030.”

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“All gold that’s ever been sourced is still in circulation – it gets melted and casted over and over again,” says Christopher Stanev, chief technology officer of Evrnu. “That’s Evrnu’s goal for textile fibers: Our technologies enable them to stay in circulation, while maintaining their performance attributes.”