NFW raises $85 million in series B funding round

Natural Fiber Welding, Inc., a Peoria, IL-based material innovation company, has raised $85 million in a Series B fundraising round to help it scale up the production of circular natural fibers.

Natural Fiber Welding upgrades waste cotton and recycled fibers. Clarus-brand natural fibers and Mirum, a totally biobased leather replacement, are among the company’s products offered.

Evolution VC Partners, Tattarang, Lewis & Clark AgriFood, Collaborative Fund, AiiM Partners, Raga Partners, Tidal Impact, Scrum Ventures, Gaingels, BMW I Ventures, Ralph Lauren, Advantage Capital, and Central Illinois Angels are among the investors in the round.

Founded in 2015, NFW is a materials company supplying novel material platforms to the worldwide footwear, fashion, accessories, and automotive industries in order to develop low carbon, all-natural, bio-neutral products. Clarus performance all-natural textiles and Mirum, a zero-plastic counterpart to leather, are designed and manufactured by NFW.

Patagonia, Allbirds, H&M, Chaco, Ralph Lauren, Alexander McQueen (MCQ), Wooly, Richemont, Camper, BMW, Modher, Bellroy, Mercedes-Benz, Pangaia, and Segan are among the company’s clientele, according to its website.

The Series B money will be used by NFW to continue scaling the Clarus and Mirum materials platforms in order to fulfill worldwide demand. Molded composite materials are also available from the Peoria, Illinois-based firm.

Luke Haverhals, CEO and founder of NFW, said that they foresee a society without plastic, where abundant natural materials allow people and the planet to live together. They’re here to leave the globe in a better state than they found it, and they’re excited to work with their brand partners to create a fully circular coalition for the planet.

According to the firm, on average, more new plant matter develops on Earth in a single day than the total amount of petroleum-derived products created in a year. Despite the fact that there is an almost endless supply of natural, circular materials that can be regeneratively produced, the textile industry is reliant on plastics.