Sustainable leather maker sews up $18M
Gen Phoenix, a U.K.-based leather materials manufacturer, raised an $18 million Series B that drew investments from shoe, car and fashion companies.
Details: Material Impact led the all-equity round, which closed this week.
- Footwear maker Dr. Martens; InMotion Ventures, the investment arm of Jaguar Land Rover; and Tapestry, the parent company of Coach, Stuart Weitzman and Kate Spade, participated.
- Two members of Material Impact will join the board, with operating partner Paul Deninger serving as chairman.
Of note: Gen Phoenix was previously called Eleather.
- The round brings Gen Phoenix's total amount raised to around $168 million.
How it works: Gen Phoenix uses leather diverted from landfills. It's expanding into plant-based materials.
- You may have sat in Gen Phoenix-upholstered seats while flying JetBlue or AeroMexico. The company works with about 250 airlines and rail and bus companies.
Context: Leather production generates considerable emissions and water pollution. (And depends on a steady supply of cows.)
- It has an impact score of 159 on the Higg Materials Sustainability Index, compared to 98 for cotton.