Sustainably Sourced Plant Materials
Founded in 2015 by Dr. Luke Haverhals, entrepreneur and chemist, the startup business headquartered in Peoria, Illinois, initially developed Clarus, a patented processing technology designed to produce high-performance cotton fiber without the addition of plastic or petroleum products.
In 2018, Mirum, a plastic-free leather alternative, was created by the startup business. On February 3, the sustainable material startup company announced the construction of a dedicated manufacturing facility for the plant leather material. The products manufactured by the startup can be “infinitely recycled or returned unimpeded to Nature’s nutrient cycles.”
NFW Finds Support From Businesses in Multiple Industries
Since the founding of the startup company, investors have backed the eco-friendly business to the tune of roughly $15 million, including the latest contribution from Allbirds. The plant-derived leather manufacturer has already partnered with the likes of Porsche in the automotive industry, providing vegan leather trim options on the automaker’s Taycan fully-electric sports car.
In addition to Allbirds, the fashion industry has embraced NFW’s leather alternative, as prominent luxury fashion design company Ralph Lauren Corporation led the startup’s $13 million venture round in 2020.
“Today, sustainability is an area where this is especially important, and investing with partners to scale innovative solutions is a key part of our sustainability strategy,” said Ralph Lauren Vice Chairman and CIO David Lauren. “We are excited to support the work of NFW, a pioneer in this field.”
Market research projects the global ethical fashion market to value $8.25 billion by 2023, growing at a compound annual growth rate (CAGR) of 10.33% from 2020 to 2023.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.