Coloreel Secures SEK 70 Million in Private Placement – Breakthrough Technology Modernizes Textile Industry
JÃNKÃPING, Sweden – July 7, 2021 – Coloreel, with its unique and well-patented technology for digital dyeing of textile yarns on demand, has raised 70 million Swedish kronor (SEK) in a private placement with shareholders existing and new. The funding will be used to support the expansion and growth of the company’s market and to initiate expansion into new application areas such as sewing.
âIn this private placement, we are attracting 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. At the same time, we are getting more and more new expressions of interest from additional investors, which is very exciting, âsays company founder and main owner Joakim Staberg.
âWe are seeing a sharp increase in activity as more and more markets open up. Larger orders such as the one recently announced by Tryckhuset AB are great proof that we are on the right track in our ambition to modernize the use of embroidery in the textile industry, âsays Mattias Nordin, CEO of Coloreel.
Product and customer benefits
Coloreel’s technology for digital on-demand textile yarn dyeing offers embroidery manufacturers and fashion designers a number of important competitive advantages. The technology maximizes the creative potential of users while minimizing the environmental impact. Superior embroidery quality, no wasted thread, no waste water, creative color changes and above all complete freedom in the use of colors.
Market and deliveries
Market interest is huge, from the smallest to the biggest brands in everything from lifestyle and sports to exclusive fashion clothing. Coloreel initially chose to forge close collaborations with some of the most famous brands in the world and the main embroidery manufacturers.
The embroidery market is large and includes around 8 million embroidery heads installed worldwide. Each of these embroidery heads can be equipped with Coloreel technology. Despite the ongoing pandemic, Coloreel, with the help of existing distributors, has delivered its breakthrough technology to eleven countries in Europe, the United States and Asia, albeit in limited volumes. It also started its activities with the world’s largest distributor of embroidery machines, the American company Hirsch Solutions, which has already installed the technology with several reputable end customers in the United States.
Posted on July 7, 2021