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Business

Coloreel Group declares bankruptcy

The Swedish company has announced today it has filed for bankruptcy following financial difficulties

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Coloreel’s thread dying technology has been available to various customers across the world

Coloreel Group, a Swedish technology company, known for its instant thread dyeing technology, has announced it has filed for bankruptcy.

The company says it has struggled to develop business volume quick enough to secure the necessary financing to keep itself in the clear.

Anders Persson, chairman of the board for Coloreel Group, says: "It is with a heavy heart that we announce the filing for bankruptcy today. We have been working very hard to introduce a new technology and new ways of working on the global textile market. 

Regarding the company’s struggles to raise funding, Persson states: “Despite relentless efforts to grow the business, minimize operational costs, and secure additional funding, the challenges are too great. The board and the management are incredibly proud of what our team has achieved, and we are grateful for the support we have received from our partners, customers, and investors”.

Coloreel says it had many in-depth discussions with financial investors and potential industrial partners to secure funding but was unable to overcome financial hurdles.

The company aimed to change the textile industry with its thread dyeing process which it says is a more sustainable and efficient process for embroidery by eliminating more waste and reducing water consumption.

The business has over 90 customers in the global market and over 120 granted patents across 45 markets.

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