Biotechnology company Colorifix has raised $22.5 million in a Series B funding round led by H&M Co:lab – the Swedish retailer’s investment arm.
With the funding, the company is aiming to scale its entirely biological dyeing process on an industrial level in Europe and Asia, helping retailers make their supply chains more sustainable. Colorifix has already implemented its dyeing process at the Valérius Group in Portugal, and is currently also working with H&M and Pangaia.
“We’re thrilled to continue to grow our relationship with Colorifix and its fantastic team,” said H&M’s head of sustainability, Pascal Brun, who also serves on Colorifix’s board of directors.
“To support them during their exciting next phase of growth in scaling their innovative game-changing technology not only speaks directly to H&M Group’s sustainability work but more importantly has the potential to positively impact the wider industry.”
Colorifix was founded in 2016 by two synthetic biologists, Jim Ajioka and Orr Yarkoni, that were developing biological sensors to monitor heavy metal contamination in drinking water in Nepal.
During their tests, the company’s founders learned about the enormous impact of the dyeing industry on access to potable water and its impact on human health. This prompted them to use their tools to create a new dyeing technology that is both scalable and sustainable.