Los Angeles-based Ambercycle, a company founded in 2015 by Shay Sethi and Moby Ahmed focused on building circularity in the fashion industry, reports it has closed an oversubscribed $21.6 million Series A financing from H&M CO:LAB, KIRKBI, Temasek, BESTSELLER’s Invest FWD and Zalando. This brings the total figure raised by the company to $27 million.
Ambercycle’s Ambercycling™ process separates and purifies post-consumer waste at the molecular level to make regenerated materials that may be used by brands and designers in new garments. The company’s first material, cycora®, can replace virgin polyester materials and offers similar functional characteristics, according to Ambercycle.
The company has a pilot plant in Los Angeles and plans to use the new funds to scale up production of cycora.
“The transition to circularity in fashion is inevitable” said Shay Sethi, co-founder and CEO of Ambercycle. “We are building an ecosystem in which materials can exist in harmony with humans and the environment.”
January/February 2022
