The UK-based biotechnology company Colorifix recently secured a US $ 18 million investment. The investment was led by Inter IKEA and with this funding, the company aims at commercially expanding in the global market.
Colorifix, which claims to be the pioneers in the development of world’s first biological textile dyeing, seeks at growing their production capacity across Europe and Asia with the funding. In addition to this, the company also aims at building a commercial engagement with brands and textile manufacturers.
Also, Colorifix intends to utilise this funding in creating colours through their proprietary bio-processes and microorganisms. The company, with continued support from the H&M group, incorporates engineered microorganisms to deposit colours directly onto the fabric, leading to the elimination of harsh chemicals and saving of water and energy.
Talking about the investment Orr Yarkoni, Colorifix CEO said that this investment is a critical milestone in shifting the narrative of the company, from proving as technology providers to delivering the same at an industrial scale. Yarkoni also added that investment from Inter IKEA and backing from H&M will help the company in introducing their biology-based dyeing across global supply chains, which is designed to cancel the need for petrochemicals in dyeing production.
Supporting the growth of Colorifix, Linn Clabburn from Innovation Ventures at Inter IKEA Group said that the biotech company’s goal of addressing one of the most crucial challenges of the textile industry and their intention of scaling the technology, while entering the new markets aligns with the values of promoting sustainability by the IKEA Group.
With this investment, Colorifix explained about its progress in establishing its dyeing technology across different countries since their last funding, which happened in 2022. The company with its operation in Europe and Latin America with licenses granted to customers onboarding from India and Sri Lanka, also has partnership agreements with the players from cosmetic and homeware industry, apart from the fashion industry – the company’s core area of focus.
