Green Theme Technologies (GTT), an American leader in creating sustainable solutions for the textile and fashion industries, has announced that it has raised $3.5 million at first close of series B financing. Funds raised will be used to grow GTT’s sustainable and performance-driven platform technologies, hire new employees and support licensing partners.
Notable investors in the series B round include Phoenix Venture Partners and Safer Made, both of whom invest in sustainably focused inventions, platforms and companies taking an active role in creating a green future for our planet, the company said in a press release.
“We are pleased with our fundraising performance and will use the series B funding to further develop and commercialise our platform technologies, including a durable water repellent (DWR) finish and our water-free dye (WFD) product,” said Jordan Clancy, CFO with GTT. “Within the next six months we will double our headcount in New Mexico, expanding our team to support commercialisation, licensees and accelerate revenue growth.”
The textile and fashion industries are the second biggest water polluters on earth and Green Theme’s business model intends to change that. By replacing traditional water-based wet finishing processes currently used to apply water repellents, dyes and more with the clean, efficient and water-free EMPEL process, GTT and their licensing partners are directly reducing the amount of water pollution in the world. The result is cleaner, better performing and more sustainable textile products, the release said.