According to ESG Today, Los Angeles-based Ambercycle was founded in 2015 and it recycles end-of-life textile fibers, selling the purified materials to fashion manufacturers. Using purification technologies, the company is able to recycle polyester to help the industry switch to circular materials that are low in carbon.

Shay Sethi, Co-founder and CEO of Ambercycle, said that "this investment signifies a crucial milestone in our endeavor to make circular materials widely available. This investment enables us to scale up to meet the growing demand of our customers and push the boundaries of sustainable textile production."

Shinkong said that the investment was made as the demand for circular, recycled polyester is expected to be around 7 million tons per year by 2026, as more brands start to use sustainable materials to achieve their climate goals.