Faircraft, a Paris-based lab-grown leather manufacturer, announced a $15.8 million fundraising round Thursday.
The round was backed by investors including U.S.-based firms Kindred Ventures and Heirloom, as well as France-based firms Cap Horn, BPI and Alliance for Impact. In addition, Netherlands-based Sake Bosch and U.K.-based Entrepreneur First supported the fundraise, per a release.
The new funds will allow Faircraft to hire more engineers and biologists and speed up its efforts to increase the scale of its operations, the company said in the release, adding that it’s already working with major luxury brands and demand for its product is growing.
Faircraft’s lab-created leather is derived from animal skin cells that replicate traditional leather structures and composition. The company said its end product is genuine leather, and that it also works with master tanners specializing in luxury leather goods.
“The luxury market is built on tradition — timeless craftsmanship, unmatched quality, and a commitment to excellence,” Kanyi Maqubela, managing partner of Kindred Ventures, said in the release. “Leather has long been the cornerstone of the fashion industry, valued for its timeless appeal and durability — but its production comes with steep environmental costs.”
Maqubela said Faircraft’s lab-grown leather could be a solution for brands and consumers “who refuse to compromise between quality and sustainability.”
Faircraft’s lab-grown leather produces 90% fewer carbon dioxide emissions, 95% less waste, and an 80% reduction in water consumption compared to traditional leather manufacturing processes, per the release.
The company holds two international patents for its production method, but added that its current cost of manufacturing is higher than that of traditional leather. Eventually, the company said it hoped to “price parity with leather used widely in industry.”
