News

November 3, 2022

Portuguese Smartex raises $24.7m Series A to modernise clothes factories

Lightspeed Ventures, Tony Fadell and H&M are key investors in the three-year-old startup


Mimi Billing

4 min read

The fashion industry is the world’s second most polluting industry. Portuguese startup Smartex has just raised a $24.7m Series A to tackle the sector’s poor climate record by focusing on textile waste. The round was led by US-based Lightspeed Ventures and Tony Fadell’s Build Collective.

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Picture of a circular knitting machine in a factory where Smartex' systems have been installed
A circular knitting machine in a textile factory that uses Smartex
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Mimi Billing

Mimi Billing is Sifted's Europe editor, based in Stockholm. She covers the Nordics and can be found on X and LinkedIn

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