Coloreel Secures SEK 70 Million in private placement– groundbreaking technology modernizes the textile industry
Coloreel, with its unique well-patented technology for digital dyeing of textile thread on-demand, has raised SEK 70 million in a private placement to existing and new shareholders. The funding will be used to support the company's market expansion and growth and to initiate expansion into new application areas such as sewing.
“In this private 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.", says the company's founder and main owner Joakim Staberg.
“We are 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.”, says Mattias Nordin, CEO of Coloreel
Product and customer benefits
Coloreel's technology 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.
Market and deliveries
The interest from the market is great, from the smallest to the very largest brands in everything from lifestyle and sports to exclusive fashion apparel. Coloreel 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. 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 ground-breaking technology to eleven countries in Europe, the United States and Asia, albeit in limited volumes. It has also started business with the world's largest distributor of embroidery machines, US based Hirsch Solutions, which has already installed the technology with several reputable end-customers in the US.
For more information about Coloreel please use below links or contact:
Mattias Nordin, CEO Coloreel, mattias.nordin@coloreel.com, 0708 558 557
Joakim Staberg, Founder and main owner Coloreel, joakim.staberg@coloreel.com, 0708 502 502
Henrik Linder, VP Marketing & Communication, henrik.linder@coloreel.com, 0702 187 101
www.coloreel.com, LinkedIn, Instagram, Facebook, Youtube
About Coloreel
Coloreel is a Swedish textile innovation brand with a groundbreaking technology for embroidery that enables high-quality coloring of textile thread on demand, unlocking a world of potential.
We use our technology to both preserve the craftsmanship of embroidery and take embroidery to the next level. The unique solution makes previously complicated designs accessible, including gradients, textures and other stunning effects. Using only a single thread and needle means that it also significantly improves quality and efficiency, enabling immediate start up and faster delivery. In short, Coloreel empowers creativity and enhances quality and efficiency, making the ordinary extraordinary. In the future, the technology can also be used for sewing, knitting, weaving and more.
Coloreel is also part of the movement to reduce waste and move the textile industry towards more sustainable production. By coloring the thread directly, there is no wastewater, hence no water pollution. And, using a single reel of thread and needle also means minimized thread waste and minimized microfiber pollution.
The result, of course, is embroidery at full potential.
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