Evrnu Raises $15M Series B Financing to Scale Its NuCycl™ Fiber Regeneration Technologies
SEATTLE, Nov. 1, 2021 /PRNewswire/ -- Textile innovations company Evrnu announced today the raising of their $15M Series B financing to scale and meet the surging demand for its fiber regeneration platform, NuCycl, as a solution to the textile waste crisis. The round was led by FullCycle Climate Partners, which will also serve as a significant project financing partner. Globally diversified supply chain partners and brands are also joining the round as co-investors including Hansae, Bestseller, and PDS Venture, PDS Multinational Fashions' venture tech portfolio.
"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 & Co-Founder of Evrnu. "We are now proving these technologies at scale, with short-term plans for global expansion."
This strategic financing will be used to expand Evrnu's facilities and operations in South Carolina and service high volumes of NuCycl fibers to the fashion industry. It will also enable key, strategic hires in growth functions and technical roles as Evrnu expedites global deployment of NuCycl to meet the scale required to alleviate dependency on virgin resources and create material emissions reductions throughout the fashion value chain.
"Brands know that they need to materially address their emissions and that their customers are watching and demanding that they do better," says Kyle Adkins, Partner at FullCycle. "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's breakthrough 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. The NuCycl platform 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 – an unlock for textile recycling.
Having developed the technologies to address the recycling of 90%+ of all apparel, with one patent granted and several others pending, Evrnu is on course to deploy technologies that allow for all textiles to be successfully recycled by 2030.
"All gold that's ever been sourced is still in circulation – it gets melted and casted over and over again," says Christopher Stanev, CTO of Evrnu. "That's Evrnu's goal for textile fibers: Our technologies enable them to stay in circulation, while maintaining their performance attributes."
Enabled with this financing, Evrnu will be rolling out each technology in partnership with global supply chain partners to meet the needs of this emerging market and scale required for material impact. Evrnu has advanced R&D contracts under way, in fashion, as well as in new markets, such as home furnishings and automotive.
About Evrnu
Evrnu has invented era-defining polymer regeneration technologies that address one of the biggest environmental challenges of our times: the textile waste crisis. With Evrnu's NuCycl technologies, discarded clothing is broken down and transformed into a pristine new fiber engineered to provide extraordinary performance characteristics for creating new premium textile products. Its technologies are key to making the circular economy a reality. Evrnu works with the leading brands and retailers of the world seeking to meet product performance and environmental challenges through innovation and offers environment-sparing alternatives for the world's highest demand fibers. www.evrnu.com
About FullCycle
FullCycle is a growth equity fund accelerating the commercial deployment of climate-critical technologies by providing growth capital to both the companies and their pipeline of early infrastructure projects. FullCycle helps companies bridge the deployment gap between technical validation and full commercial deployment with an innovative asset-led growth model and by enabling an acceleration ecosystem focused on cycle-time reduction. The fund invests to scale technologies that unlock greenhouse gases reduction targeting the molecules that warm our planet the fastest. www.fullcycle.com
SOURCE Evrnu
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