Breakit reports that H&M:s venture capital arm, H&M CO:LAB, has invested in a startup that wants to recycle fabric. The company is based in Britain.
H&M:s Björn Magnusson, head of the venture capital arm, confirmed that H&M has invested in the company but chose to not disclose any numbers.
According to Breakit’s sources, the invested amount is close to $1 million.
“It’s really important to us that the technology can improve the ability to take care of clothes which are worn out, in an effective way”, Magnusson said.
Earlier this week, Breakit reported that H&M has invested in fashion tech company Ivy Revel. The fashion giant, with a market cap of $57 billion has also invest in Swedish startups Sellpy and Wrapp.
According to Björn Magnusson, H&M has identified three areas for its venture capital arm to invest in: Sustainable retail, retail innovation and new technical tools for the fashion industry.
The investment in Worn again falls under the sustainable “sustainable retail”.