Faircraft, a company specializing in lab-grown leather through innovative tissue engineering techniques, has successfully raised $15.8 million in its latest funding round.
The investment was led by a consortium of prominent investment funds, including Kindred Ventures, Cap Horn, BPI, Sake Bosch, Entrepreneur First, Alliance for Impact, and Heirloom.
The funding will be utilized to expand Faircraft’s team, with a particular emphasis on recruiting engineers and biologists. The company aims to scale its operations in response to increasing market demand for its environmentally sustainable products.
Faircraft’s lab-grown leather is created using cellular biology, utilizing animal skin cells to replicate the structure and composition of traditional leather. This approach is inspired by advancements in the medical and cosmetics sectors and positions Faircraft as a contributor to sustainable practices in the leather industry. The company refines the final product with master tanners experienced in luxury leather goods.
Haïkel Balti, co-founder and CEO of Faircraft, stated that lab-grown leather signifies a significant evolution in material development that prioritizes ethical considerations while offering new opportunities for artisans and designers.
Kanyi Maqubela, Managing Partner of Kindred Ventures, emphasized the luxury market’s reliance on tradition and craftsmanship, noting that Faircraft’s product allows brands and consumers to embrace quality without compromising sustainability.
