MADRID, Oct 11 Reuters Zara owner Inditex has launched a fund to invest around 50 million euros 54.75 million in innovation projects, mainly in the textile sector.

Spanish website El Confidencial on Friday reported Inditex39;s decision to invest in a new fund, which the company confirmed to Reuters.

The new fund, to be managed by the firm Mundi Ventures, aims to support the fashion giant39;s strategy of backing new startups to find new materials or technologies that have a lower impact on the environment.

Inditex, which has pledged to halve emissions in its entire supply chain by 2030, has invested in U.S. firms such as Circ, which focuses on textiletotextile recycling, and more recently in Galy, a U.S. startup developing a process to produce cotton in laboratories from plant cells.

Inditex has committed to making 25 of its garments from new fibres that do not yet exist on an industrial scale, and is investing heavily in their development.

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Reporting by Corina Pons; editing by Charlie Devereux and Elaine Hardcastle

Source Reuters