What: Colorifix has announced the closing of a Series B funding round of GBP 18 million led by the H&M Co:lab.

Why it is important: Fast fashion retailers are getting a lot of heat for their business models and are trying to find other ways to make their business more sustainable.

Already launched with H&M and Pangaia, the product, an eco-textile dyeing process (considered to be the first of its kind) , hopes to aid in the sustainable transformation of the industry.

The funding will be used to support the trebling of Colorifix’s team as it prepares to expand further into Europe and Asia, bringing its technology into the supply chains of brands.

H&M leads GBP 18 million Series B for Colorfix