Vienna Textile Lab has received a €750,000 Seedfinancing grant from Austria Wirtschaftsservice
Vienna Textile Lab is an Austrian startup creating biogenic dyes for textiles to make the fashion industry more sustainable. Today, the company announced being granted Seedfinancing by Austria Wirtschaftsservice (AWS). This funding will allow the company to further grow and to speed up development and manufacturing processes.
Karin Fleck, CEO and Founder of Vienna Textile Lab states: “With the support of PreSeed and Seedfinancing provided by AWS it felt for us at the Vienna Textile Lab that we are hatching from the egg and are now able to fly. This support enables us to accelerate our operations and ultimately reach our market-readiness level at a faster pace. Furthermore, participating in events such as AWS Perspektiven, gives us an opportunity to present our innovative solution to important stakeholders in the industry.”
In 2020, Vienna Textile Lab (VTL) started collaborating with clients, such as fashion enterprises, companies from the chemical industry and textile mills that want to create more sustainable products. The company also established collaborations with designers and e.g. initiated partnerships through several EU funded projects such as the WORTH Partnership, ESA/OSIP, ELIIT and Small but Perfect (COSME).
To achieve its go-to-market goals, Vienna Textile Lab is currently raising a first equity round.
Over €1.3 M raised since 2017
VTL GmbH was founded in January 2021. However, the company began research already in 2017, under the umbrella of Terram Sequitur e.U. Since then, the team has raised more than €1.3 million. From 2019 to 2021 VTL was part of the AWS PreSeed portfolio, and it was ranked among the top three biotech startups in Austria at the AWS BoB Best of Biotech business plan competition. VTL also participated in various acceleration programs including Fashion for Good, Climate KIC and The Investment Ready Program by The Impact Hub and received several awards including the 1st place in Austria and 3rd place globally from the Climate Launchpad.
About Vienna Textile Lab
Vienna Textile Lab is an Austrian biotech startup working to produce biogenic dyes from naturally occurring microorganisms for textile applications across the textile and fashion industry. We aim to create and manufacture more sustainable alternatives to traditional dyes and pigments. This will allow our customers to create products that are less toxic and support biodiversity and zero waste, as the industry shifts towards eco-friendly production practices and circularity.
For more information, please visit www.viennatextilelab.at
Contact:
Iva Pessoa & Elizabeth Rodriguez Bringas
Business Development & Communications
social.media@viennatextilelab.at