The laboratory-grown leather startup Faircraft has completed a €15 million Series A funding round.
Xuzhou Hoffen Chemicals Co., Ltd. 2024-11-22 15:22:53
Recently, the French laboratory-grown leather company Faircraft completed a €15 million Series A funding round and launched its first handbag made from this material. Ha?kel Balti, co-founder and CEO of Faircraft, said, "Laboratory-grown leather represents a significant transformation, far beyond the fashion industry. It uses cutting-edge technology to respect ethical considerations. It creates unique pieces with minimal environmental impact while offering new possibilities for leather artisans and designers."
This funding round was supported by Kindred Ventures, based in San Francisco, and BPIFrance, the French sovereign investment fund. Additionally, venture capital firms such as Alliance for Impact, Blue Wire Capital, Cap Horn, Entrepreneur First, Heirloom, and Dutch investor Sake Bosch, founder of Prime Ventures, also participated in this funding round. The laboratory-produced leather from Faircraft provides luxury brands with an opportunity to innovate with new materials, thus improving their environmental standards and reducing carbon emissions. Brands have stated, "One of our main goals now is to find the right cost structure to meet the cost structure of customer products. This is achieved through process development and engineering design to ensure that the process is more streamlined and further automated."
Source: WWD International Fashion News, November 22, 2024.
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