A UK-based biotechnology company, Colorifix has secured an $18 million investment, with Inter IKEA leading the funding round. This significant capital injection is set to propel Colorifix's commercial expansion across the global market, particularly in Europe and Asia. A pioneer in developing the world's first biological textile dyeing process, Colorfix aims to boost its production capacity and strengthen commercial engagements with major brands and textile manufacturers worldwide.
A core part of Colorifix's strategy involves utilizing this new funding to further develop its proprietary bio-processes and microorganisms for creating colors. With ongoing support from the H&M Group, Colorifix employs engineered microorganisms to deposit colors directly onto fabric. This innovative method drastically reduces the need for harsh chemicals, resulting in substantial savings in water and energy—a critical advancement for an industry known for its environmental footprint.
Emphasizing on the importance of this investment, Orr Yarkoni, CEO, Colorifix, calls it a ‘critical milestone.’ The funding shifts Colorifix's narrative from simply proving its technology to delivering it at an industrial scale, he states. The combined investment from Inter IKEA and continued backing from H&M will be instrumental in introducing their biology-based dyeing solution across global supply chains, Yarkoni further highlights This technology is specifically designed to eliminate the reliance on petrochemicals in dyeing production, offering a truly sustainable alternative, he adds.
Since its last funding round in 2022, Colorifix has made considerable progress in establishing its dyeing technology across various countries. The company currently operates in Europe and Latin America, with licenses already granted to customers onboarding from India and Sri Lanka. Beyond the fashion industry, which remains its primary focus, Colorifix has also secured partnership agreements with key players in the cosmetic and homeware sectors, further diversifying its reach and impact.
