BlockTexx, a leading clean technology company specialising in recovering polyester and cellulose from textiles and clothing, has successfully secured AUS $ 7 million (approximately US $ 4.57 million) in Series B funding. This Australian fashion technology firm revolutionises the industry by connecting textile manufacturers, retail brands, and logistics providers through a secure, blockchain-enabled marketplace, effectively transforming waste into valuable raw materials using its proprietary technology.
The raised capital will be utilised to expand the implementation of blended textile resource recovery technology by BlockTexx. Co-founders Adrian Jones and Graham Ross, along with seed investors Mike and Sue Gregg and global alternative investment management firm Artesian Investments, actively participated in this funding round.
Mike Gregg commended BlockTexx for their efforts in tackling the textile waste issue, emphasising the company’s commitment to developing practical technology solutions. He praised the founders for their strong business model and efficient capital utilisation in diverting textiles from landfills.
As an alumnus of Fashion for Good’s 2020 South Asia Innovation accelerator, BlockTexx has also garnered support from the sustainable innovation platform based in Amsterdam. Fashion for Good’s investment manager, Frans Jooste, expressed excitement about partnering with BlockTexx, highlighting the company’s potential for growth within the global textile industry.
BlockTexx operates a comprehensive ecosystem for unwanted textiles, encompassing Australia-wide collection, decommissioning, shredding, processing, and remanufacturing into new products using fibre-to-fibre, fibre-to-product, or fibre-to-agriculture methods. Their advanced S.O.F.T. (separation of fibre technology) process caters to hard-to-recycle clothing blends at their commercial-scale textile recovery facility in Loganholme, Queensland.
The funding will facilitate the expansion of the facility’s capacity from 4,000 tonnes per annum (TPA) to 10,000 TPA in the upcoming stage two developments. Graham Ross highlighted the company’s progress in commercialising the S.O.F.T. process over the past five years and emphasised how this investment will accelerate their ability to meet market demands for their remanufactured products while expanding their sustainable textile solutions globally.