Korea-based TextileRe has secured KRW 600 million in seed funding from MY Social Company (MYSC), Kingsley Ventures, and TheVentures, and has also been selected for Deeptech TIPS. Established this year, TextileRe is a deep-tech company in the environmental sector, tackling the textile recycling market.

TextileRe aims to address the severe environmental issues caused by the landfill and incineration of waste textiles by developing intermediate materials made from recycled textiles. Utilizing polymer target extraction technology, the company plans to recycle up to 370,000 tons of polyester-blended waste fibers in Korea and up to 20 million tons in China, ultimately producing recycled PET materials. Their goal is to create a “Closed Loop Recycling” model for textile waste, where waste fibers are turned into spinnable long fibers.

“Closed Loop Recycling” refers to a sustainable recycling process where products or materials are reused in the same form, without quality degradation, thereby reducing waste and minimizing environmental impact.

TextileRe is actively engaged in technical and business collaborations with major Korean chemical companies and has secured a commitment for the supply of 4,000 tons of waste textiles. This will enable the company to scale up to pilot-scale production within three years and quickly enter the market.

Seokyoung Lee, Investment Manager at MYSC, commented, “TextileRe is a team that perfectly harmonizes original technology, market entry, and business strategy, led by CEO Hwan Gong, who has extensive experience in tech-based startups, and CTO with long-standing expertise in PET recycling. We are excited to see how their impact in the eco-friendly sector will grow as they scale up.”

TextileRe’s CEO Hwan Gong stated, “We aim to achieve sustainable growth and contribute to the green paradigm of the chemical and fashion industries as we grow into a green unicorn.”