Portfolio Company Spotlight
A feature on a Closed Loop Partners investment
Closing the Loop on Textiles
Closed Loop Ventures Group invested in Evrnu, a fiber technology company that converts garment waste into new, high-quality fiber for the creation of new clothing, in partnership with brands and retailers.
Evrnu is a business at the forefront of the circular economy, integrating sustainable principles throughout its value chain. When textiles have reached the end of their useful life, the raw materials (the molecules) still have tremendous intrinsic value. They can be reused. But in the current “take-make-waste” model of production, they are not.
There’s simply not enough air, water or soil to sustain the linear model into the future, and that’s why Evrnu is so passionate about making circularity achievable. Their technologies break down garment waste to the molecular level and convert the polymers into new fiber, which is the basis of high-quality new textiles. This way of working is a significant paradigm shift as we can now look at the value of the useful life of a polymer, not just the product.
World Changing Idea Finalist from Fast Company
$9 million raised in Series A to accelerate growth
In 2019, Evrnu debuted NuCycl, a new consumer brand, at a global press event alongside brand partners Adidas and Stella McCartney. Using NuCycl technology, the team created the performance fiber and yarn for the limited-release 100% recyclable Adidas by Stella McCartney Infinite Hoodie, which was distributed to influencers and athletes. By introducing NuCycl to consumers before being available at retail, Evrnu leveraged the high-profile moment to raise awareness with consumers that their clothing is no longer waste.