Finnish fashion and textile technology company Infinited Fiber Company has successfully completed a 40 million euro funding round, drawing support from both new and existing investors. Notable new investors include Inditex, TTY Management, Youngone, and Goldwin, joining existing backers such as H&M Group, Adidas, Bestseller, and Zalando.

Infinited Fiber Company specializes in Infinna, a cellulosic fiber made entirely from textile waste. With properties similar to cotton, Infinna can be used in various apparel products, including T-shirts, jeans, blouses, dresses, hoodies, and more, contributing to a more sustainable textile industry.

Inditex, TTY Management, and H&M Group remain the largest shareholders in Infinited Fiber Company, reflecting the industry's confidence in the company's technology as a key enabler for circularity in the textile sector.

Petri Alava, cofounder and CEO of Infinited Fiber Company, expressed gratitude for the support from impactful companies, highlighting the importance of the investment in advancing the scale-up of Infinna.

Among the new investors, TTY Management stands out as an asset management company privately owned by Tadashi Yanai, the chairman, president, and CEO of Fast Retailing, which owns brands like Uniqlo, Theory, J Brand, and Comptoir des Cotonniers.

Inditex, the parent company of Zara, has recently revealed new sustainability goals, including ambitious targets for emission reductions. The company aims to reduce scope 1 and 2 emissions by 90 percent from a 2018 baseline and scope 3 emissions by 50 percent of 2018 levels by 2030. Inditex also aims for "net zero" emissions by 2040, relying on offsets for hard-to-eliminate emissions.