Thread Raises $3.5 Million Round for Clean Textile Innovation

Thursday, June 18, 2015

Thread, a Pittsburgh-based startup dedicated to creating dignified jobs in the developing world, recycles plastic into socially responsible fabric.

With Thread’s Series A Round of $2.8 million led by Draper Triangle Ventures, the company will be able to expand production capabilities while growing data and content collection throughout Thread’s clean, transparent supply chain. The raise completes a $3.5 million funding cycle that will continue to fuel the Certified B Corporation’s growth.

The funding marks an important milestone for impact investing. Thread is among the first in a growing number of Certified B Corporations to receive venture capital funding.

“With little innovation in the textile industry over the last 100 years, apparel companies are having a tough time meeting market demand for transparent, socially conscious materials,” said Jay Katarincic, Managing Director at Draper Triangle. “We believe Thread’s unique production process creates an incredibly powerful story that can strengthen the trust and authenticity of a brand to help meet market demand.”

Source: Tech.Co (link opens in a new window)

Categories
Entrepreneurship
Tags
impact investing, social enterprise, startup