Bangladesh Angels Network pumps $1m in textile waste recycler

Bangladesh Angels Network, an angel investment network based in the country, has invested 850,000 euros (approximately US$1 million) in the seed round of Reverse Resources.

Photo credit: Pxhere

The SaaS platform maps, matches, and traces waste from textile factories, then helps fashion brands recycle them to achieve full circularity.

According to the startup’s estimates, Bangladesh could save US$500 million if 15% of new cotton imports were replaced by recycled local cotton waste.

Reverse Resources is working with 43 factories, eight textile-to-textile recyclers, and has signed a contract with a global fashion brand to onboard the retailer’s first 100 factories.

Through the Circular Fashion Partnership, a Bangladesh initiative in support of local textile recycling, another 20 large global brands are testing out the platform, said Bangladesh Angels Network.

See also: Why Bangladesh’s rising star has big-name VCs hooked

“The target for 2022 is to secure a long-term contract with at least three largest global fashion brands and grow revenues to 1 million euros (US$1.1 million) per year,” said Ann Runnel, founder and CEO of Reverse Resources.

According to a statement by Bangladesh Angels Network, companies promoting and using the Reverse Resources platform will help save 1.6 million tonnes of carbon dioxide-equivalent emissions and 420 million cubic metres of water by 2025.

Currency converted from euros to US dollars: 1 euro = US$1.15