Theia Ventures and Social Alpha have announced a pre-seed investment of $200K (around Rs 1.5 crore) in Gujarat-based CanvaLoop Fibre Private Limited, the company said in a statement.
Founded in 2020 by Shreyans Kokra, a fourth-generation textile and fashion entrepreneur, the startup converts agricultural waste to textile fibres with the help of proprietary technology.
Canvaloop Fibre has other business divisions such as HempLoop, and the direct-to-consumer (D2C) brand Slow by Canvaloop. The startup uses Cannabidiol (CBD) and hemp fibre to manufacture products, that are then sold mainly to garment and apparel manufacturers. The company has plans to sell them to global brands going forward, the statement said.
“We are building a vertically-integrated sustainable fashion company, backed by our proprietary technology, and aspire to be present in every wardrobe by 2030,” said Kokra.
Bengaluru-based Social Alpha is a multistage innovation curation and venture development platform for science and technology startups that aims to address the most critical social, economic and environmental challenges. Theia Ventures is a venture capital investment firm that seeks to invest in early-stage startups in climate, technology, sustainability and circular economy sectors in India, the statement said.