BlockTexx completes $7m funding round
Australian textile-to-textile recycling business BlockTexx has raised $7 million in series B funds to scale its novel chemical process, SOFT or separation of fibre technology.
BlockTexx plans to use the investment to grow capacity at its early commercial-stage factory in Loganholme, Queensland, to 10,000 tonnes a year, up from 4,000 tonnes per annum.
SOFT works by separating difficult-to-recycle polycotton blends, extracting polyester flakes and cellulose from the cotton content to produce manmade cellulosic fibres (MMCFs). Existing investor Fashion for Good contributed, the company said, as did return investors Artesian and seed investors Mike and Sue Gregg.
“Over the last five years we have developed, commercialised and are now scaling our SOFT process,” co-founder Graham Ross (pictured left) commented.
“This new investment accelerates two things: our ability to meet the market demands for our remanufacturing products, PolyTexx and CellTexx, and our ability to take our end-of-life textile to the world.”
Left to right: BlockTexx co-founders Graham Ross and Adrian Jones. Image courtesy.
