Sri Lankan apparel manufacturer, Hela Clothing Group, announced it has completed the balance raise of $3.6 million from its Series A funding round bringing the total equity raised to $10 million, following an advisory board visit in Sri Lanka by all major shareholders from Sri Lanka, UK, and Australia. This comes on the back of the Group’s most successful quarter-to-date having strengthened the balance sheet by over $12 million over the past 4 months.
On these results A. R. Rasiah, Chairman – Hela Clothing Group, stated that “Following our initial round of funding we were overwhelmed by the fervor investors had for our business and now with the completion of our series A round we are further validated by the shareholder sentiment. This wave of enthusiasm is in part thanks to the execution of our turnaround plan with a key focus being getting all 4 business units to contribute towards the bottom line in the same period, for the first time. Which we achieved in our last quarter with the contribution from Africa becoming significant.”
Moreover, Hela Clothing is a US$200 million company that provides sustainability-focused apparel supply chain solutions. With 10 factories across three countries and a workforce of 14,000 across the globe, Hela leads the industry in ethical and sustainable working environments. Currently, Hela works closely with leading global brands to provide a design to delivery solutions in the intimate, sleepwear and kids product ranges.