Both start-ups are recent graduates from the Fashion For Good Acceleration programme set up by some of the leading global fashion brands in search for green solutions . They met again, as part of the final 5 of the Postcode lottery Green Challenge, where Reverse Resources was announced as the runner up, receiving 200 000 EUR and AlgiKnit was rewarded with 100 000 EUR to take their solutions to a next level.
Reverse Resources is building a software platform to make textile waste visible, usable and traceable. They connect 4 stakeholders and offer all of them a win-win business case. Garment factories get 10 times higher value for their leftovers. Traders get access to bigger market volumes. Recyclers get cost savings and control of the feedstock and brands get the circularity and supply chain transparency at a lower cost.
“I am glad to say that we have validated a strong business case to the factories in return of sharing their information online, instead of getting an extra cost from yet another reporting or auditing requirement from their buyers. I believe that secure real-time online data exchange is a key to a systemic shift in the industry towards sustainability. And I’m glad to see a high-level recognition to our project by getting this award but also from countries like Bangladesh and India.”, sais Ann Runnel, CEO and founder of Reverse Resources.
AlgiKnit is New York based startup creating yarn derived from a seaweed called kelp. With a focus on marine health and fashion circularity, AlgiKnit strives to create better material alternatives for designers, consumers, and the world. AlgiKnit’s yarns are both durable and hyper compostable. The yarns are made using 100% algae and plant-based biopolymers, primarily from seaweed, negating the need for harmful chemical usage throughout production. Designed to fit into the existing textile ecosystem, AlgiKnit’s yarns readily absorb pigments using sustainable dye methods, reducing the need for excess chemical and water usage.
“The selection of AlgiKnit as a Postcode Green Challenge Finalist is a confirmation that our technology will transform the future of materials” said Aaron Nesser, CEO of AlgiKnit. “Sustainable and circular materials will be the key to continued growth in the apparel industry for the coming decades. Since our inception, we have made great progress in creating alternatives for brands and designers to achieve their sustainability goals. With this funding, we have the opportunity to bring our vision to market and transform the fashion ecosystem.”, says Tessa Callaghan, co-founder and Director of Innovations at AlgiKnit.
Postcode Lottery Green Challenge is one of the world’s largest annual competitions for sustainable entrepreneurship organized by the Postcode Lottery (active in The Netherlands, Sweden, the UK and Germany). The Postcode Lottery Green Challenge encourages green start‐ups to send in creative and innovative business plans for products and services that contribute to a low carbon economy and the reduction of greenhouse gas emissions. The winner receives €500,000 to further develop their service or product and bring it to market within the next two year. The runner-up will receive €200,000. The other three finalists will receive €100,000 each. On top of the prize money, all finalists will be giving six months of expert coaching. No shares, no returns, just support!