On the heels of a proven-positive pilot plant, German chemical textile recycler Eeden just closed an over $20 million dollar (18 million euro) Series A funding round.
Known for its scientific solution to the mounting mountain of textile waste, Eeden’s chemical recycling technology recovers pure cellulose and polyethylene terephthalate (PET) building blocks from cotton-polyester blends. The fresh funding will allow the startup to build out its Münster-based demonstration plant, alongside investments into commercial projects with industry insiders and large-scale processing optimization efforts.
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Able to recover a garment’s cellulose and cotton while breaking down polyester’s monomers, Eeden’s output can be used to produce lyocell, viscose and polyester fibers of virgin quality; ideally providing an alternative to the resource-draining incumbent—at scale and price-parity—while “unlocking” previously-closed circular value chains.
“Over the past few years, we’ve developed a proven solution that has the potential to meet the industry’s long-term need for cost-efficient and high-performing circular materials,” Steffen Gerlach, co-founder and CEO of Eeden, said. “We’re proud that our new and existing investors believe in our approach and share our vision. With their support, we’re ready to scale our technology and turn textile waste into materials.”
Venture capital firm Forbion out of the Netherlands led the round through its BioEconomy Fund. The Naarden-based neighbor’s nascent investment strategy focused on biobased innovation—more specifically, biotech within the food, agriculture, materials and environmental technology sectors—aligned against the United Nations’ Sustainable Development Goals.
“Eeden has developed a pioneering solution that can make large-scale textile recycling not only technologically feasible, but also commercially viable in the near future,” Alex Hoffmann, general partner at Forbion, said. “We see tremendous potential in their approach and are excited to support the team as they bring this breakthrough technology to industrial scale.”
New investors include Henkel Ventures, the strategic venture capital fund for the Düsseldorf-based multichannel chemical and consumer company, Henkel; and NRW.Venture, the VC fund for North Rhine-Westphalia’s development bank, NRW.Bank.
To note, Eeden previously closed seven-figure seed funding rounds in June and November 2022. All existing investors returned for this latest round.
Some of those previous participants include TechVision Fund (TVF), a regional fund that invests in technology startups; High-Tech Gründerfonds (HTGF), a German tech venture capital firm; and D11Z Ventures, the early-stage investment arm of the family office of German billionaire Dieter Schwarz.
“As an early investor, it’s great to see how the team has turned a vision into a validated process and strong strategic partnerships,” Björn Lang, partner at TVF, said. “The progress they’ve made shows what’s possible when the right people and strong science meet real customer needs. We’re excited to keep backing the team as they scale their impact.”
