Flexible Carbon Fiber Composites Creator Carbitex Closes Funding Round, Secures Capital For Next Growth Phase | Textile World

KENNEWICK, Washington — October 17, 2024 — Carbitex, the leader in flexible carbon fiber composites, announces the successful close of a new funding round, marking the culmination of a two-year effort to restructure the company. With five times sales growth projected in 2025, Carbitex is set to strategically expand global market presence.

The majority of the capital comes from longtime investors, including Michael Marks, Carbitex’s Executive Chairman. Marks, with 40 years of experience leading and transforming technology companies, including Flextronics and Tesla, is currently a founding managing partner at Celesta Capital and has served as a board director for over 20 companies.

“Carbitex has made significant progress, assembling a capable team and laying a solid foundation for future growth,” says Marks. “I’m impressed by their progress and confident the company is set for an exciting future.”

After returning to an operational role as Carbitex’s President in 2023, founder Junus Khan led the company’s restructuring, including the appointment of Patrick Sinner to Vice President of Brand Product Development in 2023, and Filippo Sartor to Vice President of Global Sales and Sam Gardner to the role of Vice President of Engineering and Operations earlier this year. Since then, the company has realigned with its vision and with a team prepared to drive innovation and growth.

“I’m proud of what our team has accomplished,” says Khan. “We’ve tackled hard challenges head-on and built a stronger, more agile Carbitex. This investment positions us to take the next step, and I’m excited about the breakthroughs we have in store that will push the boundaries of performance footwear and advanced materials.”

Carbitex’s patented materials are integrated across multiple footwear categories including run, cycling, soccer, watersports, snowboard, and most recently, golf. The company partners with leading shoe brands including Altra, Speedland, Lake, Scott, PAYNTR Golf, and FootJoy, as well as bag and accessory brands Tumi, Pitaka, and Porsche Design. For more on the benefits of Carbitex in key segments and the latest in flexible carbon fiber materials, visit Carbitex.com.

Posted: October 17, 2024

Source: Carbitex