Coloreel, the digital dyeing and textile thread on-demand supplier, mentioned it acquired a 70 million Swedish krona (or about $8 million) funding spherical from current and new buyers “to support the company’s market expansion and growth and to initiate expansion into new application areas such as sewing.”
The firm additionally mentioned as companies open up extra totally following the COVID-19 outbreak, exercise within the textile and embroidery market is up.
Joakim Staberg, founder and majority proprietor of the corporate, mentioned with this personal placement, “we bring in a number of exciting and strong investors alongside the existing major shareholders, Robur Ny Teknik, SEB Stiftelsen, Svea Ekonomi and Ilija Batljan, who also participated in this placement. In parallel to this, we now receive more and more new expressions of interest from additional investors, which feels very exciting.”
Mattias Nordin, chief government officer of Coloreel, mentioned the corporate is “noticing a sharp increase in activity as more and more markets open up. Larger orders such as the one recently announced from Tryckhuset AB is great proof that we are on the right track in our ambition to modernize the use of embroidery in the textile industry.”
Last month, Coloreel mentioned Swedish embroidery producer Tryckhuset AB is investing in new expertise from the corporate to fulfill increased demand for merchandise. Tryckhuset purchased eight Coloreel items.
Terms of the deal weren’t disclosed. Anders Andreasson, CEO and chairman of Tryckhuset, mentioned Coloreel’s expertise “contributes to our efficiency and supports our continued expansion. In the past, we have sometimes had large scrap in our thread stock. Now we only need one thread spool that colors digitally during production, which creates contrasts, gradients, shadows and a depth that has not been possible before with traditional embroidery technology.”
Andreasson mentioned the outcomes resemble a digital print, “but it is embroidery and we do not have to compromise on the choice of color. If we receive an express delivery, we do not need to send a truck to pick up thread in the right color, we already have everything in place.”
In the assertion concerning the funding spherical as we speak, Coloreel mentioned its expertise for digital dyeing of textile thread on-demand “gives embroidery manufacturers and fashion designers a number of significant competitive advantages. The technology maximizes the users’ creative potential while minimizing the environmental impact. Higher embroidery quality, no thread waste, no wastewater, creative color changes and above all a complete freedom in the use of colors.”
The firm additionally mentioned market demand for its expertise is excessive — from smaller area of interest manufacturers to massive attire firms. But Coloreel is being selective, and mentioned it “has chosen to initially enter into close collaborations with some of the world’s most famous brands and leading embroidery manufacturers.”
“The embroidery market is large and includes about 8 million installed embroidery heads worldwide,” Coloreel mentioned. “Each of these embroidery heads can be equipped with Coloreel’s technology. Despite the ongoing pandemic, Coloreel, with the help of existing distributors, has delivered its groundbreaking technology to 11 countries in Europe, the United States and Asia, albeit in limited volumes.”
Coloreel famous it additionally began a enterprise “with the world’s largest distributor of embroidery machines, U.S.-based Hirsch Solutions, which has already installed the technology with several reputable end customers in the U.S.”
