A downstate startup that makes sustainable fashion materials for brands like Ralph Lauren and Alexander McQueen just hauled in a large round of funding to bring its materials to more companies.
Natural Fiber Welding, headquartered in Peoria, said Tuesday it raised $85 million in Series B funding led by Evolution VC Partners, a New York-based fund that's invested in companies like Bird, MasterClass and Juul. Other investors in the round include BMW i Ventures, which is the VC arm of BMW, and Ralph Lauren.
Founded in 2015, NFW makes durable materials without any plastics. It has two core products: Clarus, which takes recycled cotton and turns it into new high-performance materials, and Mirum, a leather alternative made from hemp, waste cork, coconut and other natural products.
The startup's Mirum product, which mimics the look and feel of real leather, is used in footwear, automotive and accessories by brands such as Alexander McQueen, H&M and Camper Shoes. Clarus has been used by Ralph Lauren to create a polo shirt. Ralph Lauren first invested in NFW back in 2020.
Other brands that have used NFW's technology include Allbirds and Patagonia.
The startup, which opened a new 110,000-square-foot manufacturing space in downtown Peoria last year, said it will use the funding to scale production and create new products.
“We envision a world that doesn’t rely on plastic, where abundant natural materials enable people and the planet to thrive together,” said NFW founder and CEO Luke Haverhals in a statement.
Also investing in NFW's round were Tattarang, Lewis & Clark AgriFood, Collaborative Fund, AiiM Partners, Engine No.1, Raga Partners, Tidal Impact, Scrum Ventures, Gaingels, Advantage Capital and Central Illinois Angels.
