Coloreel Group AB, a Swedish technology leader in instant thread dyeing, announced its bankruptcy filing today. The company cited an inability to scale its business rapidly and secure necessary financing despite extensive discussions with investors and industrial partners.

Coloreel has revolutionized the textile industry with its sustainable, efficient thread dyeing process, boasting over 90 global customers, including many well-known brands. The company's innovative technology is protected by over 120 granted patents in 45 markets.

Chairman Anders Persson expressed deep regret over the bankruptcy decision, emphasizing the relentless efforts made to grow the business, reduce operational costs, and secure additional funding. He acknowledged the hard work the team put into introducing groundbreaking technology to the global textile market. Despite their efforts, the challenges were too great to overcome. Persson conveyed pride in their achievements and gratitude for the support received from partners, customers, and investors.

This development marks a significant setback for the textile industry, which had been keenly watching Coloreel's progress and its potential to bring innovative changes to traditional dyeing methods.