Israel-based Twine Solutions that developed a digital on-demand thread dyeing system and a digital dye-to-match colour application, has raised $28 million in an investment round, led by Menora, Meitav Dash and Analyst.
The funding will support the company’s acceleration of global installations of its newly released digital thread dyeing system TS-1800 Gen2.
Existing shareholders New Era Capital, Landa Ventures, Gefen Capital, and others also participated in this investment round, the company said in a press release.
“The textile industry is in dire need of change that Twine profoundly addresses. We have recently expanded in two key regions, Europe and Asia, and are currently working on expanding to North America. We appreciate the trust of our shareholders and continue to work to disrupt the textile industry with a breakthrough technology that will enable brands to meet their sustainability goals given the negative impact of the current way of dyeing threads,” said Alon Moshe, Twine’s CEO and co-founder.
Nir Moroz, deputy CEO and managing director of Menora Mivtachim Insurance Division, commented, “Menora Mivtachim is proud to lead the investment in Twine, with an emphasis on companies that create real disruption. We are pleased to join the great management team led by Alon Moshe, as well as the company’s respected list of investors.”
“Twine, a company that relies on a team of knowledgeable and experienced people, offers an exceptional solution that strives to change the way the textile industry operates in the future,” said Noam Rokach, VP of investments at Analyst.
The investment was accompanied by Israel-based underwriting company Barak Capital Hitum managed by its CEO Tzvika Manes.