Canvaloop operates in the circular economy space creating natural materials that uses 99% less water than cotton and are completely bio-degradable
Theia Ventures and Social Alpha have invested USD 200K in Canvaloop fibre, an organization focused at mainstreaming sustainability in the textile and fashion industry by creating alternative fibres, from hemp and other agricultural waste. Textiles is one of the largest polluting industries on the planet as both cotton and synthetics (polyster, nylon etc.) have huge environmental footprint. For e.g. Every time we wash a piece of synthetic cloth , it releases 1900 pieces of microplastics in water. Founded by Shreyans Kokra, Canvaloop is making fashion brands sustainable by providing plug and play fibre and yarns made out of agro-waste.
MUMBAI: Theia Ventures and Social Alpha announce pre-seed investment of USD 200K in the sustainable, innovative start-up Canvaloop fibre a Gujarat-based natural material sciences company which uses a proprietary technology to engineer fibre and yarn materials from hemp and other agricultural waste to sell as raw material to garment and apparel manufacturers, and onwards to global brands. Basic roots consulting provided advisory services for the transaction
Founded by Shreyans Kokra, a fourth-generation textile and fashion entrepreneur, Canvaloop has been able to build the back-end of the hemp supply chain in India and is catering to a global B2B customer base who are actively aiming to reduce the carbon footprint and water usage of the textile industry. Canvaloop currently has three primary products that it sells to a range of B2B and B2C clients Hemp fibre (HempLoop), agro-waste blended yarns (Hemp, Banana and Pine-apple) and Himalayan Hemp denims (Slow by Canvaloop) made from wild growing Hemp in the Himalayan regions of Uttarakhand and Himachal Pradesh.
Shreyans Kokra founder Canvaloop said, “Our vision is to make ‘textile fibres made using agro-waste’ the mainstream fashion material by 2030. We are building a vertically integrated sustainable fashion company backed by our proprietary technology and aspire to be present in every wardrobe by 2030”
Speaking on the investment Priya Shah (General Partner at Theia Ventures) said “We are thrilled to back Shreyans and the Canvaloop team on their mission to mainstream sustainability in alternative materials and fibres – an important theme in the circular economy, and we are confident of their ability to pioneer positive climate impact in the textile industry”.
Speaking on the investment Manoj Kumar, Founder and CEO, Social Alpha, said “Canvaloop is a great example of creating a new market as sustainability concerns and changing consumer behavior continue to demand more circularity in the business models. By creating alternative fibers from agri-waste and other sustainable sources, Canvaloop founders are expanding the basket of fashion and lifestyle choices for a climate conscious consumer. We like it when entrepreneurs create a business case for sustainability. This is the new genre of activism”
Founded in 2021, Theia Ventures is a venture capital investment firm based in India. The firm seeks to invest in early-stage start-ups in, climate tech, sustainability and circular economy sectors sectors based in India.