To accelerate global installations of newly released TS-1800 Gen2, Israeli thread dyeing systems developer Twine Solutions announced that it has raised $28 million in an investment round led by Menorah Mivtachim Holdings Ltd. (TASE: MORA), Meitav Dash, and Analyst. Existing shareholders New Era Capital, Landa Ventures, Gefen Capital, and others also participated in the financing round.
Alon Moshe, Co-Founder and CEO, Twine Solutions said, “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,” Moshe added.
Meitav Dash Provident & Pension Funds CIO Guy Mani said, “Meitav Dash chose to invest in Twine, which is in line with its investment strategy in ESG companies and the expansion of its technology portfolio. Beyond the attractive value proposition that the company brings with it, its revolutionary solution will help make one of the most polluting industries in the world cleaner.”
“We believe in the management of the company and in its ability to carry out its business vision,” said Mani.
Back in April, in a statement unveiling, Alon Moshe said that the system Twine Digital Thread Dyeing system unleashes the power of thread, at the touch of a button. The fast-paced digital transformation of the textile industry is challenging both for production and its environmental impact.
Adding that, we are excited to bring solutions that will have much needed and crucial economic, social and sustainability benefits.