A Montreal company trying to upend the global pantyhose business by making an unbreakable product has raised $101-million led by Swedish retail giant H&M Hennes & Mauritz AB.
Sheertex Holdings Corp. said in a filing with Canadian securities regulators that $62.25-million came from a Swedish investor, which is H&M. Nanna Andersen, head of H&M’s Co:Lab investment arm is the sole Swedish director listed on the company’s board of directors. Co:Lab invested in the company’s last venture funding in fall 2020 alongside U.S. venture capital firm G2VP.
“We’re excited to use this funding to increase investments in the development of our proprietary materials while expanding our vertically integrated manufacturing,” Sheertex founder and CEO Katherine Homuth said in a statement to The Globe and Mail. “We’re lucky to have found incredible partners that share our commitment to sustainability and are excited to grow together both in hosiery and through new categories.
She had no textile experience but sensed a big opportunity to upend a category with US$2-bilion-plus in annual sales in the U.S. After trying numerous materials she settled on the same polymer used to make bulletproof vests. After early challenges turning the tough material into pantyhose she managed to produce tights that were unbreakable by human hands, with material proving to be 10 times stronger than steel; to prove the point, company