BlockTexx closes $7 million Series B

Textile recycling company BlockTexx has announced completion of a $7 million Series B round.

BlockTexx said in a statement that funding came from existing investors and fashion innovation platform, Fashion for Good. Return investors include Artesian and seed investors Mike and Sue Gregg.

The company is scaling up its novel chemical process, which is able to extract polyester flakes and cellulose from polyester-cotton blends for reuse. 

As mentioned in a recent profile of the company in @AuManufacturing, BlockTexx is increasing capacity from 4,000 tonnes to 10,000 tonnes per annum at what it describes as a “small or an early-stage commercial scale plant” at Loganholme, south of Brisbane

Co-founder Graham Ross said in a statement on Wednesday: “Over the last five years we have developed, commercialised and are now scaling our S.O.F.T process.

“This new investment accelerates two things: our ability to meet the market demands for our remanufactured products – PolyTexx and CellTexx, and our ability to take our end of life textile solution to the world.

Picture: supplied

Further reading

Australian company offers the world a S.O.F.T. option for problem textiles