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- Faircraft Raises $15.8M to Scale Lab-Grown Leather Innovations
Faircraft Raises $15.8M to Scale Lab-Grown Leather Innovations
Slice of Retail Team
November 25, 2024
Key Highlights:
$15.8M raised in a funding round led by top international investors, including Kindred Ventures and Cap Horn.
90% fewer CO2 emissions, 95% less waste, and 80% less water usage compared to traditional leather.
Faircraft’s two patented technologies pave the way for scalable, sustainable leather production.
The startup works with luxury brands to deliver eco-friendly, premium materials for the fashion industry.
Expansion plans include hiring more engineers and biologists to accelerate growth.
Source: Business Wire
Notable Quotes:
“It enables the creation of unique pieces with minimal environmental impact, while offering new possibilities to leather artisans and designers. This technological breakthrough is a tribute to the magic of life.”
“Faircraft’s lab-grown leather is a breakthrough for brands and consumers who refuse to compromise between quality and sustainability, and we’re proud to support them as they scale operations and bring this revolutionary product to market.”
Our Take:
Faircraft’s $15.8M fundraising represents a pivotal moment in sustainable luxury innovation. By addressing the environmental costs of leather production, the company aligns with growing consumer demand for eco-conscious alternatives in premium goods. Its patented processes and strategic collaboration with luxury brands position Faircraft at the forefront of lab-grown materials innovation. As Faircraft advances towards cost parity with traditional leather, the potential for widespread adoption across industries grows exponentially.