The Mills Fabrica

The Mills Fabrica is the venture capital and incubation arm wholly owned by Nan Fung Group, the Hong Kong textile and real estate conglomerate founded in 1954. It operates from a Nan Fung-owned property — the former textile mill in Tsuen Wan — and invests off the parent group's balance sheet rather than raising third-party funds. The firm's mandate ties directly to Nan Fung's legacy in cotton manufacturing and its ongoing real estate operations.

The firm invests from pre-seed through Series B, with a concentration on early-stage companies that have progressed beyond laboratory scale into pilot manufacturing. It also runs an in-house accelerator program providing non-dilutive grants and workspace to pre-commercial startups. Later-stage follow-on investments occur selectively for portfolio companies scaling production capacity.

The firm concentrates on tech-enabled sustainability in the fashion and textile supply chain. Core verticals include alternative materials — bio-based leathers, lab-grown fibers, recycled synthetics — along with circular manufacturing infrastructure, precision agriculture for natural fibers, and digital supply chain traceability. The firm avoids generalist consumer brands and pure software plays.

The firm invests globally, with offices and origination teams in Hong Kong, London, and Taipei. Its portfolio reflects a transatlantic approach — US-based companies like Circ sit alongside European ventures such as Renewcell and Asian material science startups. The London office serves as both a European origination hub and a bridge to luxury fashion group partnerships.

The Mills Fabrica was an investor in Renewcell, the Swedish textile recycling company that developed a process to turn used cotton garments into a dissolving pulp called Circulose. Renewcell filed for bankruptcy in February 2024 after failing to secure sufficient offtake agreements from major fashion brands, representing a significant industry test case for circularity infrastructure. The firm has not publicly disclosed the financial outcome of its position.

As a corporate venture arm, The Mills Fabrica measures returns through both financial gains and strategic value to Nan Fung Group. Its investment thesis aligns with the parent conglomerate's interest in reducing textile supply chain volatility and positioning its real estate assets for sustainability-linked tenants. The firm can provide portfolio companies with physical infrastructure — including lab and studio space within the Mills building — alongside a direct channel to Asian manufacturing partners.

General Manager Cintia Nunes leads the investment team from Hong Kong, operating under the strategic direction of Vanessa Cheung, who serves as Group CEO of Nan Fung Group. Investment committee composition is not publicly disclosed. The firm maintains regional heads in London and Taipei with authority over local origination.