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Sustainable leather maker sews up $18M

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Mar 30, 2023
a recycling symbol made out of stitched pieces of leather

Illustration: Tiffany Herring/Axios

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.)

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