London-based biotechnology company Modern Synthesis has successfully raised $5.5 million in a recent funding round that surpassed all expectations. The round was led by Extantia Capital, with notable participation from Artesian and Collaborative Fund. This influx of capital will allow the firm to ramp up production capabilities at its pilot facility, as fashion brands increasingly seek sustainable material alternatives.
Challenge in Eco-Friendly Materials
By the year 2030, the fashion sector is anticipated to face a shortfall of 133 million tonnes of eco-friendly raw materials due to tightening regulations aimed at curbing carbon emissions. Responding to this challenge, Modern Synthesis is pioneering breakthrough biomaterial technology that utilizes nanocellulose—a fiber generated through microbial fermentation—as a sustainable alternative to traditional animal leather, synthetic materials, and plastic-coated fabrics.
The company’s distinctive approach leverages the remarkable strength of nanocellulose, which at the nanofiber level, is stronger than steel. This creates durable materials free from plastic, providing brands with an environmentally responsible option without sacrificing quality. According to CEO and co-founder Jen Keane, this innovation presents a solution that successfully blends performance with sustainability.
Collaborations and Market Impact
Modern Synthesis has made significant strides in the industry, particularly through its collaboration with GANNI, a prominent Danish fashion label. Together, they are preparing to launch the Bou Bag, crafted from Modern Synthesis’ cutting-edge biomaterial. While the demand for sustainable textiles grows, these options still make up less than 5% of the staggering $1 trillion global apparel textile market.
With over 35 sustainability regulations on the horizon set to reshape the landscape, brands that cling to conventional materials may find themselves facing financial consequences. Research from the Boston Consulting Group suggests that companies could see their earnings before interest and taxes decline by as much as 8% if they do not adapt their material strategies.
Future Applications and Investor Confidence
Investors hold a positive outlook on Modern Synthesis, seeing potential in its ability to provide sustainable alternatives to traditional textiles. A partner at Extantia Capital remarked that the company’s material rivals traditional leather not only in visual appeal and tactile experience but also introduces exciting new potentials for designers.
This latest round of funding will also enable Modern Synthesis to expand its horizons, exploring further applications for its innovative materials beyond the fashion industry. Possibilities may include the footwear and automotive sectors. An investment partner from Artesian Investments emphasized the transformative potential of the company’s approach to manufacturing processes, suggesting it could create meaningful, large-scale impacts on both industry practices and environmental sustainability.
Source: Vegconomist