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SuperCircle raises $24M+ to scale AI-driven textile waste platform
Artificial intelligence-powered textile waste management platform SuperCircle revealed today that it has raised more than $24 million in new funding.
The round will be used to accelerate development of its AI platform, expand supply chain integrations, grow its reverse-logistics and processing infrastructure, and more rapidly bring on more enterprise retail customers.
Founded in 2018, SuperCircle offers a reverse-logistics and recycling-management platform that aims to eliminate textile waste by giving discarded garments, footwear and accessories a second life.
SuperCircle says textile waste costs U.S. retailers more than $50 billion annually despite growing regulatory requirements, corporate responsibility commitments and explosive consumer demand for resale and trade-in programs.
SuperCircle acts as a bridge between retailers and brands and the waste management and recycling industry that allows brands to implement “take-back” or “trade-in” programs that allow consumers to return unwanted items or allow brands to send excess inventory, returns, damaged goods and scraps rather than sending them to landfills.
The process involves SuperCircle collecting textiles and then using its technology and logistics infrastructure to sort, grade and route each item based on its material composition and condition. Once the condition of textiles, including fiber type and wear level, is assessed, items may be sent for resale, donation, down-cycling or fiber-to-fiber recycling.
SuperCircle’s platform offers brands an end-to-end solution, from consumer returns or warehouse returns to final disposition, including handling shipping, warehousing, sorting and working with recycling partners. The result solves what the company claims is a structural problem in fashion — the lack of scalable, economically viable infrastructure for circular supply chains.
Beyond offering a service to individual brands, SuperCircle is also aiming to aggregate volume across many brands to give economies of scale so recycling and reuse become financially viable. The company says it has already diverted more than 6 million textiles from landfills and aims to divert more than 1 billion textiles by 2030.
The Series A round was led by Foundry Group, with BBG Ventures, Renewal Funds, Elemental Impact and other existing investors also participating.
Image: SuperCircle
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