An East Liberty-based startup known for spinning Haitian trash into fabrics announced it has a $3.5 million investment deal.
The Series A round of funding for Thread, led by a $2.8 million investment from Downtown-based Draper Triangle Ventures, is dedicated to expanding production and expanding data and materials collection. Oakland-based Riverfront Ventures, Chicago-based DNS Captial, which represented the business interests of Gigi Pritzker Pucker, and Michael Pucker and Bill Besselman of Under Armour also participated in the round.
Founded in 2010 by former “Survivor” reality TV series winner Ian Rosenberger, Thread partners with vendors and nonprofits in Haiti and Honduras to collect plastic bottles that are transformed into fabrics used in shoes, bags and several other goods.
"This new group of investors and their networks are heavyweights," said Mr. Rosenberger in a news release. "They add a ton of industry experience and credibility. With their help we can expand the capabilities of our fabric, increase our impact on the ground and continue to deliver the authentic stories that matter most to brands and consumers."