BlockTexx®, an Australian clean technology company specializing in recovering polyester and cellulose from textiles and clothing, has successfully closed a $7M Series B funding round.
This significant financial milestone, supported by seed investors Mike and Sue Gregg, Artesian, and the fashion innovation platform Fashion for Good, will enable BlockTexx® to scale its innovative S.O.F.T.™ (separation of fibre technology) process.
This technology is at the heart of BlockTexx's mission to divert textile waste from landfills by transforming it into new products, such as PolyTexx and CellTexx, for various applications including clothing, product manufacturing, and agriculture.
The funds will be used to expand the company's textile recovery facility in Loganholme, Queensland, increasing its capacity from 4,000 tonnes per annum to 10,000 tonnes.
This expansion underscores BlockTexx's commitment to addressing the global challenge of textile waste through sustainable and innovative recycling solutions.
Fashion For Good Frans Jooste - Investment Manager said BlockTexx® is an alumni of Fashion For Good’s South Asia 2020 Innovator Accelerator program, the first time the program was run outside of Europe.
"Having worked with Blocktexx over the last few years, Fashion For Good is excited by the opportunity to now also support them as a capital partner. The company has shown great promise in establishing itself in local regions and combined with Fashion for Good's ongoing strategic support, we look forward to seeing the business grow within the global textile industry."