LEAD company Renasens is raising over SEK 100 million in an international seed round, with the aim of completing its pilot plant in Borås, scaling up the production of recycled fibers and helping to create a circular textile industry in Europe.
With a clear ambition to reduce the carbon footprint of the textile industry, Renasens has developed a technology to remove dyes and additives from textile waste. The method separates different types of fibers without degrading their properties, allowing them to be used in the production of new textiles. The process also removes dyes and other additives, which, among other things, reduces the release of microplastics.
Few players have so far succeeded in recycling textiles on an industrial scale, and the industry has been characterized by billion-dollar losses and bankruptcies. Now, the LEAD company Renasens is raising around SEK 110 million and hopes that its mixed textile technology will help turn things around.
– Ever since Renasens became part of LEAD’s incubator program, the company has gone from strength to strength. The fact that such a large investment now goes to an impact company that addresses a massive and long-ignored problem in the textile industry also shows that sustainability solutions continue to be very attractive to international investors. We are incredibly impressed by Renasen’s work and happy to have been able to support the company on its journey, says Magnus Krogh, business coach at LEAD.
Founder and CEO Jade Abir Bouledjouidja says the support from LEAD has been crucial along the way:
– LEAD believed in us early on, and that trust made a real difference. Their support has been vital through our first phase – both to build momentum and to navigate the challenges that come with it,” she says.
The seed round is led by Extantia from Germany. Course Corrected and Norrsken Launcher are also participating with new investments.
The first to report on the investment was Forbes, and the interview can be read here.
