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NYC garment industry receives boost with 1.7 million dollar Local Production Fund

New York City Economic Development Corporation (NYCEDC), in partnership with the Council of Fashion Designers of America (CFDA), has announced the continuation of its Fashion Manufacturing Initiative (FMI) with the launch of a new Local Production Fund, backed by a combined 1.7 million dollar investment. The fund is designed to support New York...

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Seaweed-based dye startup secures funding to back commercialisation

SeaDyes, a startup developing seaweed-based fabric dyes, has secured 200,000 pounds in funding as it eyes further investment opportunities and the commercialisation of its product. The company was founded in July 2023 by biotech innovator Jessica Giannotti, before joining The James Hutton Institute, Scotland’s scientific research institute for...

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Footasylum secures 60 million pounds in funding amid retail expansion

Sportswear retailer Footasylum has secured an extension to its revolving credit facility with HSBC UK, expanding its financing with the bank from 35 million pounds to 60 million pounds. The new funding comes amid a retail expansion for the retailer, which has confirmed new store locations in Leeds, Glasgow and Merthyr Tydfil. The first will open...

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OpenAI raises 110 billion dollars in record funding round

OpenAI announced Friday a massive $110 billion funding round valuing the ChatGPT maker at $730 billion, with SoftBank, Nvidia and Amazon each making multi-billion-dollar commitments as the artificial intelligence company races to meet surging global demand. The investment round - one of the largest in Silicon Valley history - includes $30...

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Skims valued at 5 billion dollars following new funding

Kim Kardashian’s Skims brand has secured 225 million dollars in new funding, valuing the shapewear and apparel company at five billion dollars. The latest round, which puts the brand ahead of the four billion dollars it was valued at in 2023, was led by Goldman Sachs, and saw further backing from funds affiliated with BDT & MSD Partners. The...

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Live shopping platform Whatnot secures 225 million dollars in funding

Whatnot, a live shopping platform operating in the US, UK and across Europe, has closed on a 225 million dollar Series F funding valuing the company at 11.5 billion dollars. Co-led by DST Global and CapitalG, the round attracted new investors such as Sequoia Capital and Alkeon Capital, as well as returning investors like Greycroft and Andreessen...

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Everbloom partners with leading mills, raises 8 million dollars to bring protein-waste to luxury supply chains

After seven years of quiet development, textile start-up Everbloom has stepped into the spotlight with the launch of its proprietary protein-based fibres, positioning itself as a direct alternative to cashmere and wool. With 8 million dollars in total funding under its belt, propelling it from concept to commercialisation, the New York-based...

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Bestseller leads 20 million dollar Softwear Automation funding round

Danish fashion giant Bestseller has led a 20 million dollar Series B1 funding round for Softwear Automation, a firm dedicated to autonomous sewing technology that is currently moving towards the commercialisation of its offering. Alongside the strategic investment, which was made via Bestseller’s Invest FWD scheme, Thomas Børglum Jensen, the...

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AI-powered fashion agent Gensmo secures 60 million dollars in funding

Just months after its launch in December 2024, AI-powered fashion agent Gensmo has closed on a seed funding round amounting to over 60 million dollars. The financing “signals that investors deeply believe in the company’s mission to bring real AI innovation to the fashion e-commerce world”, Gensmo said in a release. The US-based company, which...

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Bloobloom secures three million pounds funding to bolster expansion

Bloobloom has announced the closing of a three million pound follow-on funding round which it said it would use to aid the roll out of European stores. The British eyewear brand also noted that it had its eyes on expanding its online presence in the US. The funding was led by Pembroke VCT, which had initially invested 2.5 million pounds into...

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Circ closes 25 million dollar funding round, plots first industrial-scale recycling plant

Textile-to-textile recycler Circ has secured a 25 million dollar funding round led by investment and asset management firm Taranis. In a release, the US-based company said that the financing, as well as the expertise of its new partner, would help in its “transition from demonstration-scale to industrial-scale production”. Alongside Taranis,...

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Archive secures 30 million dollars in Series B funding round

Resale tech company Archive has closed on a 30 million dollar Series B funding round, which will be used to further develop its resale intelligence software while accelerating global expansion and investing in new product innovations. This latest round, led by Energize Capital, brings the company’s total funding to date to 54 million dollars....