Coloreel, a Swedish textile developer, has raised SEK 70 million (US$8.1 million) in a private issue to current and new shareholders.
The financing will help the company scale its proprietary dyeing technique as it expands into new markets and applications.
Coloreel’s technique allows for continuous textile colouring throughout the thread manufacturing process. The dye technique, when integrated with existing industrial embroidery machines, can colour white yarn with total design freedom. Coloreel received SEK 100 million (US$11.9 million) in funding in February, demonstrating the confidence around the technology. According to the firm, there is a significant rise in activity as additional markets open up.
