Natural Fiber Welding (NFW), a Peoria, IL-based developer of technologies based on the sustainable use of plants and natural fibers to obtain durable goods and textiles, raised $15M in funding.
The round was led by The Community Development Venture Capital Alliance (CDVCA), with participation from BMW i Ventures, Prairie Crest Capital, Ethos Capital, For Good Ventures, and Evolution VC Partners.
The company intends to use the funds to scale production and move into new markets like the automotive industry that need a sustainable solution to replace synthetic materials.
Led by Dr. Luke Haverhals, NFW provides technologies based on the sustainable use of plants and natural fibers for durable goods and textiles. The company’s patented plant-based leather MIRUM is suited to displace both animal leather and synthetic leather alternatives with materials that are plastic-free and high-performance.
Earlier this year, NFW announced 110,000 square feet of new manufacturing space dedicated to the production of MIRUM. The company currently employs approximately 130 people at their Peoria headquarters and is continuing to grow in the next twelve months as they scale up commercial manufacturing.
FinSMEs
15/07/2021