Paimio-based Rester has raised €6 million in growth funding. The round led by Lindström Group saw participation from Taaleri Sijoitus Oy, Besodos Investors Oy and Tesi via its circular economy programme. Rester provides companies a responsible way to get rid of their textile waste and offers high quality regenerated fibers for industrial applications. With its new investors’ support, the company will be able to scale up and expand globally.
Rester, a provider of textile recycling solutions, has secured EUR 6 million in funding
Rester, Finnish global forerunner in building textile recovery value chains, has secured EUR six million in growth funding. The company will use the funds to scale up and internationalise. The recycled fiber processed by Rester can be used, for example, in the textile industry to produce fabrics or technical textiles, and in the construction industry for the production of insulation and composite materials and acoustic panels.
The round was led by Lindström Group, becoming a significant minority owner. Other new owners include Taaleri Sijoitus Oy and family-owned investment company Besodos Investors Oy. Tesi (Finnish Industry Investment) also made an initial investment in the company.
”Textile industry is a major source of greenhouse emissions in the global economy and consumers vast amounts of water. Still, recycling and reuse of textiles, which would decrease the environment load, is far from optimal. Our investment in Rester has a concrete impact and promotes a sustainable business as the company scales up and expands globally,” comments Mikael Niemi, Investment Director at Tesi.
Tesi invested in Rester from its circular economy programme with which Tesi promotes material efficiency and carbon neutrality. The programme kickstarted in 2018, sized at EUR 75 million.
”We are putting strong emphasis on growth and internationalisation, and by doing so, work on green transition in the textile industry. For us, Tesi is an important partner in our growth path where value chains become increasingly built up around global players in the industry. Having got Tesi on board meant that the funding round was as optimal as it could have been,” says gladly Outi Luukko, CEO of Rester.