investing up to usd 3m per startup – and in search for more
hong kong sar – media outreach – 9 may 2023 – the mills fabrica celebrates five years of accelerating innovations, development, and adoption in the categories of techstyle (the intersection between technology and lifestyle) and agrifood tech .
The Mills Fabrica itself was grown out of Nan Fung Group’s textile legacy in Hong Kong, with a mission to catalyze innovations for sustainability, environmental and social impact. Today, The Mills Fabrica is made up of a venture capital fund, startup incubator, Impact Retail Store Fabrica X, labs, offices, and event spaces across Hong Kong and London.
The Mills Fabrica focuses on supporting and investing in innovations within the textile and apparel, and agrifood industries as both are significant contributors to climate change, emitting up to 44% of global greenhouse gas emissions. The Mills Fabrica invests up to USD 3M per startup over the past five years, and will continue to do so.
Supported more than 35 techstyle and agrifood tech startups through its investment and incubation program
Since its inception in 2018, The Mills Fabrica has supported 35 of such innovations as part of its investment and incubation program. It invested in startups and fund investments across the world (US, Europe, Asia), where over 50% of The Mills Fabrica investees receive successful subsequent fundraising.
With an aim to make positive impact across the value chains of the textile and apparel, and agrifood industries, The Mills Fabrica has invested up to USD 3M per global techstyle startup over the past five years such as Renewcell, Circ, Colorifix, and unspun; and into agrifood tech startups such as Michroma, Geltor, The Supplant Company, amongst others.
Aside from capital, The Mills Fabrica has also provided support for startups by utilizing its team of global industry experts and connections to manufacturers, retailers, and other like-minded investors.
Launches Impact Report to advocate for measurable planet-positive investment standards
To mark five years of setting up a venture capital fund that strives to make planet-positive changes, The Mills Fabrica launches its inaugural Impact Report outlining its investment strategy, to raise awareness, and celebrate innovations in the techstyle and agrifood industries. With the launch of the report, The Mills Fabrica aims to take a first step in consolidating standards on measuring how investments can bring in positive environmental and social impact.
The Mills Fabrica’s Impact Report advocates for using the nine planetary boundaries as outlined by the Stockholm Resilience Center (climate change, biosphere integrity, land-system change, freshwater use, biogeochemical flows, ocean acidification, novel entities, atmospheric aerosol loading, and stratospheric ozone depletion) and the IRIS+ framework, the generally accepted system for measuring, managing, and optimizing investment and support — to generate genuine planet-positive changes.
It leads by example by evaluating case studies from its portfolio companies, breaking down key impact metrics according to the nine planetary boundaries and IRIS+ framework – to showcase how its investments translated to positive environmental and social impact. Taking one of the portfolio companies Circ as an example, its pioneered chemical recycling technology that can recycle polycotton — what the majority of clothes are made of — into reusable fibers, has recycled 41 tonnes of materials, which is equivalent of 66 tonnes of carbon dioxide equivalent (MTCO2e). It also launched a collection with Zara in April 2023 to bring sustainable fashion to the masses.
About The Mills Fabrica
The Mills Fabrica is a go-to solutions platform accelerating techstyle and agrifood tech innovations for sustainability. Officially launched in Hong Kong in December 2018, The Mills is a landmark revitalization project by the Nan Fung Group, transforming their old textile factories into a new heritage, experiential retail, and innovation centre. With its venture capital fund, business incubator, spaces in Hong Kong and London, and ecosystem-building initiatives, The Mills Fabrica aims to create success stories of collaborations between innovators, entrepreneurs, and corporates, that together, will drive positive change for future generations. http://www.themillsfabrica.com/