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The Mills Fabrica
Vanessa Cheung's venture arm of Nan Fung Group, investing in textile circularity from a converted Hong Kong cotton mill since 2018.
The Mills Fabrica
The Mills Fabrica emerged in 2018 when Vanessa Cheung, granddaughter of Nan Fung Group founder Chen Din-hwa, repurposed the family's legacy textile mills in Hong Kong's Tsuen Wan district. Nan Fung, established in 1954, built its fortune on cotton spinning before diversifying into Hong Kong real estate development — placing The Mills Fabrica at the intersection of old-economy manufacturing wealth and next-generation sustainability thesis. The firm operates from the restored Mills building, which also houses a retail heritage experience and co-working space, embedding its investment team within the innovation ecosystem it funds. The firm deploys capital across early-stage to growth-stage companies re-engineering the materials supply chain. Core investment verticals include alt-materials innovation — bio-fabricated leathers, lab-grown cotton, and plastic-free packaging — alongside precision agriculture, garment-to-garment recycling infrastructure, and waterless dyeing technologies. The portfolio spans Asia, Europe, and the United States. Confirmed positions include Renewcell, the Swedish textile-to-textile recycling company that filed for bankruptcy in 2024 in a closely-watched industry test case; Circ, a US-based blended-fiber recycler backed by the firm's London office; and Unspun, a Hong Kong-founded robotics company replacing cut-and-sew with 3D weaving. The Mills Fabrica participates in both direct equity investments and a structured accelerator program run from its Hong Kong and London locations. The firm maintains a lean operational structure with a dedicated investment team split between Hong Kong, London, and a newer Taipei office focused on Taiwanese material science startups. In September 2024, The Mills Fabrica announced the second edition of its "Planet-Saving Innovations" exhibition during London Fashion Week, signalling continued brand-building in the European fashion-tech corridor. The firm does not disclose total AUM or aggregate deployment, consistent with a corporate venture mandate drawing from the parent group's balance sheet rather than external limited partners. Structurally, The Mills Fabrica functions as a strategic corporate venture arm rather than an independent financial sponsor. Its investments align with Nan Fung Group's long-term real estate and supply chain interests — reducing dependency on virgin petroleum-based textiles in a regulatory environment increasingly hostile to fast-fashion waste. Unlike a conventional venture capital firm, The Mills Fabrica's returns are measured partly in the optionality its portfolio creates for the parent conglomerate, from retrofitting Hong Kong industrial assets into circular-economy hubs to securing preferred access to next-generation materials for Nan Fung's property holdings.
General information
Firm type
Private Equity
Year founded
2018
AUM
Undisclosed
Location
Region
Asia
Country
Hong Kong
City
Hong Kong
Corporate office
Hong Kong, Hong Kong
Additional offices
London · Taipei
Principals
Vanessa Cheung
Group CEO, Nan Fung Group
Cintia Nunes
General Manager
Sector focus
Frequently asked questions
How is The Mills Fabrica connected to Nan Fung Group?
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.
What investment stages does The Mills Fabrica target?
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.
Which sectors does The Mills Fabrica explicitly focus on?
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.
Does The Mills Fabrica invest globally or only in Asia?
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.
What happened with the Renewcell investment?
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.
How does The Mills Fabrica differ from a conventional venture capital firm?
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.
Who makes investment decisions at The Mills Fabrica?
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.
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