Faircraft funding news – Paris-based Faircraft has Secured €15 Million in Series A Round Funding

Purpose of fundraising

The funding will help it to grow its team and scale up to meet the increasing demand for lab-grown leather. The company aims to provide a sustainable alternative to traditional leather without compromising on quality, aesthetics, or benefits. Their tanning process uses expert tanners who have worked on luxury leather goods.

Faircraft Offering

It offers a sustainable alternative to traditional leather by growing it from a small cell sample. This method doesn’t compromise on the quality, benefits, or appearance of leather. For example, the tanning process uses expert tanners who have worked with luxury leather before.

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This technique is also much better for the environment, reducing CO₂ emissions by 90%, cutting waste by 95%, and using 80% less water compared to traditional leather production.

Because many luxury brands want to show their commitment to the environment, Faircraft has formed partnerships with several well-known brands.

Balti told, “Lab-grown leather production is far more efficient,” “A single square metre of lab space can produce 100 square metres of leather, compared to extensive grazing land needed for traditional leather. It’s also faster, with lab-grown leather’s timescales measured in weeks, rather than the years spent raising cattle. Balti continued, our lab-grown leather significantly lessens the environmental footprint associated with traditional leather. This contributes to global climate goals and helps preserve natural ecosystems for future generations.”

Faircraft combines innovation with tradition. The idea of growing animal products artificially is becoming more popular. Due to concerns about the environmental and ethical impact of industrial farming.

Balti understands these concerns and emphasizes the benefits that Faircraft brings.

He said, "Each year, millions of animals are slaughtered globally for their hides, The conditions in which these animals are raised vary widely but they often involve significant environmental costs, including deforestation for grazing land, methane emissions, and water usage. However Faircraft’s approach will also bring social benefits. Faircraft supports local industries and sustains jobs, bridging innovation and heritage,” he told us. “Our process is designed to integrate seamlessly with the skills and expertise of traditional tanners and leather goods manufacturers, ensuring their craftsmanship remains central to the production process.”

About Faircraft

Faircraft was founded in 2021 by Balti and César Valencia Gallardo. They used their knowledge of materials science and biology to create lab-grown leather, which is now protected by multiple patents.

Based in Paris, Faircraft focuses on producing high-quality leather for fashion brands. While they aim to make lab-grown leather as affordable as animal leather, they believe their main advantage will be the superior quality of their product.