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Circ just closed its latest investment round.
The textile-to-textile recycler raised a cool $25 million in oversubscribed funding, led by asset management company Taranis and its Carbon Ventures fund, with continued support from existing strategic investors, including Inditex and global materials science firm Avery Dennison.
The Fiber Club creator had secured $25 million two years ago during its 2023 Series B extension funding round, with participation from Taranis as well as the Zara parent brand, among others. In 2022, Circ raised more than $30 million in Series B funding in a round led by Breakthrough Energy Ventures, while the 2020 Series A round—which raised $8 million—was led by Patagonia’s investment arm, Tin Shed Ventures.
From left: Katherine Corrigan, investor, Taranis Carbon Ventures; Luke Henning, chief business officer, Circ; David Sorin, managing director, Taranis Carbon Ventures; Peter Majeranowski, chief executive officer, Circ.
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This latest funding, Circ said, will build on the “major technical commercial progress” the polycotton textile waste pulp producer made over the past 18 months, as the additional funds will help “fuel” the Mara Hoffman partner’s push to scale its recycling technology as the startup works to “transform” the industry’s waste problem.
For context, Circ’s technology tackles blended textiles.
Its hydrothermal process liquefies polyester before heat and pressure separate the liquid polymer from the solid cotton to reclaim the cellulosic and synthetic materials. The recycled cotton becomes fluffy flakes before its final form as a cellulosic pulp to use in lieu of the wood pulp traditionally used to make lyocell. The PET portion, meanwhile, can be pelletized and extruded into new fibers.
“This chapter of Circ’s journey—scaling textile recycling to an industrial level—requires that we build on our proven technology with world-class engineering, operations, and strategic investment from mission-aligned partners,” said Peter Majeranowski, CEO of Circ. “Taranis brings exactly that. Their industrial expertise, paired with our innovation, positions Circ to accelerate the transition to a circular fashion economy.”
The self-proclaimed single demonstrator of successfully recycling polycotton to recover both fractions for textiles said its partnership with the Perenco Group-owned firm brings more than money to the table. Taranis will leverage its experience in developing and operating large industrial projects—including engineering high-volume processes—to help Circ launch its first industrial-scale blended textile recycling plant.
Dedicated to “sustainable industrial solutions,” Taranis views Circ’s model as a crucial element in the industry’s effort to make its supply chains less resource-intensive and environmentally-exhaustive. To that end, the carbon circularity company will give the Pyratex partner’s processes “direct technical validation” to fast-track the transition from demonstration-scale to industrial-scale production.
“Circ has developed and demonstrated a breakthrough solution for circularity in fashion, and we believe our industrial expertise can help take it to the next level,” said Emmanuel Colombel, CEO of Taranis. “Our goal is to support scalable, pragmatic technologies that reduce waste and emissions. Circ’s vision aligns perfectly with that mission, and we’re excited to support Circ in its journey toward a more circular and responsible fashion industry.”
