Inventors of Nucycl® fiber, made of 100% recycled textiles, providing extraordinary performance and a more #sustainable future.
Evrnu plans on reaching the existing $4T textile market efficiently by leveraging the existing infrastructure. Because existing infrastructure can be utilized for the production of Evrnu fiber, only minimal CAPEX investments are needed to scale this technology. Evrnu is going to market with a licensing model which enables management to scale quickly and capture market share leadership. This roll-out will occur in three phases.
* Evrnu has invented technology that transforms old clothing into high quality new raw materials in a sustainable fashion. Its technology enables waste textiles to be converted into economically valuable raw fiber, while simultaneously displacing environmentally harmful disposal and raw material practices.
* Evrnu’s goal is to revolutionize the massive $4 trillion textile market and 100+ million ton fiber market, where global demand expected to double by 2030
* Evrnu technology creates a new source of cellulose which preserves the alpha structure of the cotton enabling Evrnu to be a multi-life fiber. Wood pulp, which is inferior beta quality cellulose, is the dominant market comparable. Evrnu technology delivers both higher cellulose purity and quality as a cotton-based pulp.
* Evrnu has invented and is deploying technology that is able to take discarded clothing, which is currently perceived of as waste, and turn it into a valuable resource. With Evrnu technology waste garments can be broken down to the molecular level, purified, and made into new fiber – multiple times. Brand dead stock is monetized by using it as feedstock material for creating a new engineered fiber. Only Evrnu provides this capability, establishing a new fiber category with a unique value proposition.
*Evrnu is currently receiving revenue via R&D fees for prototyping, however, management is going to market with a licensing model which enables management to scale quickly and capture market share leadership. Evrnu is targeting the acute dead stock problem first in order to establish recurring revenue with blue chip brands. Over time, post-consumer waste will serve as an additional revenue stream.
*Evrnu is currently partnered with Levi’s, Target, Stella McCartney and an unannounced athletic brand. These partners were chosen to span the major apparel segments including world leaders in performance sportswear, denim, luxury, and mass retailing. Evrnu drove its fiber portfolio development strategy through R&D projects in order to maximize market coverage, which is now at 90%.
Founded in 2014, Evrnu has raised $6.2 million to-date. Mgmt has used these proceeds to invent and file patents for its technology, build a lab capable of producing prototype-scale volume, establish brand and retailer acceptance,identify feedstock availability, and secured scaling partners that are piloting Evrnu fiber technology for licensing.
Evrnu is currently raising a $5M Series A at a $32M post-money valuation. Evrnu will use these proceeds of their Series A to invest in the following: Sales and Marketing (15%), Research and Development (32%), General and Administrative Expenses (25%) and CAPEX (25%) .
Through these investments, management plans to scale revenue through the launch of multi-brand retail apparel products and the testing and deployment of Evrnu technology licensees. The team plans to invest in its workforce in order to increase capacity, CapEx to increase R&D capabilities and developing a consumer facing co-brand.
Stacy Flynn, CEO and Co-Founder, has over 20 years of experience in executive level textile innovation positions, across the supply chain, at companies including DuPont, Eddie Bauer and Target. She holds an MBA degree in Sustainable Systems and a Bachelor of Science degree in Textile Development and Marketing from the Fashion Institute of Technology.
Christopher Stanev, CSO and Co-Founder, has worked with brands and retailers worldwide for more than 25 years, building large-scale textile and apparel programs and has held leadership positions at Nike, Gloria Jeans and Target. He holds an MBA degree in International Business as well as a Master of Science in Garment and Textile Engineering from the Technical University of Sofia.
Debra Griffith, CFO, has more than 20 years of experience in finance, corporate development and entrepreneurship. Her expertise is in the financial management of startup firms and successful exits for investors. She has managed public and private companies, been active in M&A, and worked with private equity investors, venture capital groups and accelerators.
Cheri Buell, COO and Co-Founder, has over 20 years of strategic brand and retail experience as a merchandising and operations executive. She has been responsible for the strategic direction and financial performance of divisions at Eddie Bauer. She holds a Bachelor degree in Fashion Merchandising and Home Interiors.
Every year, 12 million tons of textile waste is created in the U.S. alone. Using textile waste to create raw materials that can replace the world’s highest-demand fibers, Evrnu process uses 98 percent less water than virgin cotton and generates 90 percent fewer GHG emissions at factory gate than virgin polyester. Its technology has the potential to divert up to 33 percent of garment waste from landfill or incineration.
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