Materials science company Ambercycle raises $21.6 million
Los Angeles-based materials science company Ambercycle Inc. has raised $21.6 million in a new funding round, as it aims to develop infrastructure and materials for circularity within the fashion industry.
Ambercycle was founded in 2015 by Shay Sethi and Moby Ahmed with the goal of building circularity for the fashion industry. The company innovated the process of “Ambercycling”, which separates and purifies post-consumer textile waste to produce regenerated materials. Next, brands and designers use those materials to craft new garments.
The company's first breakthrough material is cycora, which serves as a direct replacement to the tens of billions of pounds of polyester used annually, with the same high-quality touch. The technology comes as environmental and governmental agencies estimate that over 120 billion garments are discarded annually.
The material has been used in collaborations with Los Angeles streetwear brands like Justin Mensinger, and most recently by industry giant H&M for its 2021 Circular Design Story Collection.
"The transition to circularity in fashion is inevitable" said Shay Sethi, co-founder and CEO of Ambercycle. "We are building an ecosystem in which materials can exist in harmony with humans and the environment. Our breakthrough molecular regeneration process enables a clear vision for circularity, in which fashion can flow in and out of our lives. Not only will this improve the sustainability performance of the items in our closets, but it builds a new way for us to interact with our materials."
The Series A financing from H&M Co:Lab, Kirkbi, Temasek, Bestseller's Invest Fwd, and Zalando, brings Ambercycle’s total funding to date to $27 million. With the funds raised, the company plans to scale-up production of cycora.
"We are delighted to support Ambercycle with this recent collection and are excited to continue being part of their successful journey. The H&M Group has an ambitious goal of making our business fully circular by 2030 and we truly believe in the team behind Ambercycle with their exceptional dedication to their mission. With this new funding round we look forward to partnering with them as they scale commercially," said Erik Karlsson, acting head of H&M Co:Lab.
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