Faircraft, a pioneer of lab-grown leather utilizing unique and patented tissue engineering techniques, announced a $15.8 million funding round. The funding round was backed by internationally-renowned investment funds, including Kindred Ventures, Cap Horn, BPI, Sake Bosch, Entrepreneur First, Alliance for Impact, and Heirloom.
This funding round will enable Faircraft to expand its team, notably by recruiting more engineers and biologists, and accelerate its efforts to scale operations and meet growing demand.
The company has been developing lab-grown leather that leverages cellular biology to create materials for various uses with a low environmental impact. And the company develops lab-grown material derived from animal skin cells that replicates the structure and composition of traditional leather through cellular agriculture processes. Inspired by the medical and cosmetics industries, this material is genuine leather, which was made in a lab. Embracing traditional leather goods craftsmanship, Faircraft also depends on master tanners specializing in luxury leather goods to perfect the finishing of this sustainable leather.
The luxury market is now increasingly embracing innovation to harmonize premium materials with environmental values. Faircraft is already working with major luxury brands, offering lab-grown leather that delivers significant aesthetic and environmental advantages over traditional leather: 90% fewer carbon dioxide emissions, 95% less waste, and an 80% reduction in water consumption.
Faircraft’s development and manufacturing laboratories are located at its Paris-based headquarters. And the company has developed a proprietary, standardized process suited to scalability, conceived and implemented entirely in-house. Faircraft has two international patents for its innovative and protected production method, ensuring customers benefit from rare expertise.
Even though the cost of manufacturing Faircraft’s lab-grown leather is currently higher than traditional leather, the company is on a clear trajectory toward achieving price parity with leather used widely in industry. Faircraft embodies technological excellence paired with the French heritage of premium materials through its developments.
Faircraft has a 20-member team of experts specializing in applied research and industrialization. And the team consists predominantly of engineers and scientists of eight different nationalities, including nine PhD holders.
KEY QUOTES:
“Lab-grown leather represents a major evolution that goes far beyond the fashion industry, and uses cutting-edge technologies to honour ethical considerations. 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.”
– Haïkel Balti, co-founder and CEO of Faircraft
“The luxury market is built on tradition – timeless craftsmanship, unmatched quality, and a commitment to excellence. 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. 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.”
– Kanyi Maqubela, Managing Partner of Kindred Ventures
