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JÖNKÖPING – Swedish textile innovator Coloreel has raised SEK 70 million (US$8.1m) in a private placement to existing and new shareholders.

The funding will help scale the firm’s patented dyeing technology, as it explores new markets and applications.

“We are noticing a sharp increase in activity as more and more markets open up. This is great proof that we are on the right track in our ambition to modernise the use of embroidery in the textile industry,” said Mattias Nordin, CEO of Coloreel.

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