Twine Solutions, developer of a proprietary digital on-demand thread dyeing system, announced that it has raised $28 million in an investment round led by Menora, Meitav Dash and Analyst.
Existing shareholders New Era Capital, Landa Ventures and Gefen Capital participated in this investment round that will support the company’s acceleration of global installations of its newly released TS-1800 Gen2 digital thread dyeing system.
“The textile industry is in dire need of change that Twine profoundly addresses,” Twine co-founding CEO Alon Moshe said. “We have recently expanded in two key regions, Europe and Asia, and are currently working on expanding to North America. We appreciate the trust of our shareholders and continue to work to disrupt the textile industry with a breakthrough technology that will enable brands to meet their sustainability goals given the negative impact of the current way of dyeing threads.”
Guy Mani, chief information officer of Meitav Dash Provident & Pension Funds, said his company’s investment in Twine is in line with its investment strategy in ESG companies and the expansion of its technology portfolio.
“Beyond the attractive value proposition that the company brings with it, its revolutionary solution will help make one of the most polluting industries in the world cleaner,” Mani said. “We believe in the management of the company and in its ability to carry out its business vision.”
Twine Solutions has created the first technology of its kind for digitally dyeing thread on-demand. Launched in 2015 by twin brothers Alon and Erez Moshe, Twine digitally dyes raw or off-the-shelf white polyester thread in any color and length for immediate use in sewing, knitting and embroidery.
Twine says its process is sustainable, uses no water and reduces significant amounts of thread waste.