Twine Solutions cuts a third of its workforce
Twine Solutions cuts a third of its workforce
The company, which develops digital thread and yarn dyeing technology, is laying off 30 employees in total
Israeli company Twine Solutions, which develops digital thread and yarn dyeing technology, is laying off 30 employees, accounting for a third of its workforce. Twine Solutions raised $28 million at a $90 million valuation in May 2021.
Twine Solutions has raised over $50 million to date, including from Menora Mivtachim, Meitav Dash, Analyst, Landa Ventures, New Era Capital Partners, Maverick Ventures Israel, COATS Group, HP tech Ventures, and others.
Twine Solutions has developed a digital thread and yarn dyeing technology that dyes white/raw/recycled polyester thread and yarn using a waterless process. With Twine dyeing systems and inks, brands and manufacturers are able to dye their thread in-house, on-demand, ready for immediate use for their sewing, knitting and embroidery needs.
“2022 was challenging for the entire industry. In order to preserve the company’s activity during an economic recession, the company’s management implemented several steps to streamline and cut back, including also very regretfully parting with employees,” the company said in a statement. “This is a difficult decision, but we believe that with hard and joint work we will overcome this period and continue to provide the textile world with the necessary revolution provided by Twine’s technology.”
