Deep Tech, Textile Firm Nibertex Secures $7M in Seed Funding
Singapore- and Philippine-based deep tech startup Nibertex has scored $7 million in closing out its Series A funding round to scale up its production of PFAS-free waterproof and breathable textiles.
This was announced by Manila-based venture capital firm Foxmont Capital Partners, which backs Nibertex.
Investors from the Asian Development Bank, Faircrest Holding, Singapore-based venture capital firm TNB Aura, and Foxmont Capital were those that participated in the funding round as Nibertex eyes further expansion in the Philippines via ramped-up production and research.
“This funding milestone represents a pivotal moment for Nibertex as we scale our operations to meet the surging global demand for sustainable textile alternatives,” said Jae Hyung Park, co-founder and CEO at Nibertex, commenting on the new funding secured.
Nibertex' 100 percent PFAS-free nanofiber films
“Our proprietary nanospinning technology gives us a competitive edge in delivering high-performance, environmentally responsible solutions that the industry desperately needs,” he added.
This comes as more countries ban PFAS (per- and polyfluoroalkyl substances), usually found in textiles and heavily criticized as “forever chemicals” that do not break down easily. These synthetic chemicals are commonly used in rain jackets, activewear, and footwear, among other products that advertise water and stain resistance.
Bans on these materials have risen in countries and regions like the United States, the European Union, and the Asia-Pacific.
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Nibertex is angling itself as a deep tech startup that offers membranes that serve as environmentally-friendly alternatives to conventional textiles made with PFAS.
The advanced materials firm was founded in 2019 and makes use of its proprietary electrospinning process to produce 100 percent PFAS-free nanofibers for various applications, starting off with textiles.
Nibertex uses a patented process that's a different approach to electrospinning
The ultra-soft, silent, stretchable materials are engineered to make them disappear into textile, ideal for performance apparel, healthcare, industrial use, and other consumer applications.
“As governments worldwide implement strict PFAS regulations, companies, like Nibertex, that offer proven alternatives are becoming increasingly valuable to manufacturing seeking to future-proof their operations,” they said in a statement.
The investment is also TNB Aura’s first major deployment in Manila, where the deep tech firm is keen on boosting its business.
“Nibertex is solving a pressing challenge for the global materials industry,” according to Vicknesh Pillay, TNB Aura managing partner and co-founder.
“Their early commercial success, coupled with cost-effective manufacturing capabilities in the Philippines and a product that stands strong against global membrane players, we have high conviction.”
