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BMW Invests in Vegan Leather Aiming to Lower Carbon Emissions
BMW just announced that the luxury car company is supporting vegan leather for the future of the auto industry. The venture capital of the BMW Group, BWM i Ventures, recently invested in the sustainable material company Natural Fiber Welding. The environmentally-friendly brand develops plastic-free materials for foam and textiles, including completely biodegradable vegan leather. The company’s plant-based leather, MIRIUM, consists of byproducts from other industries, lowering waste across multiple markets.
“Natural Fiber Welding has developed an innovative process of converting plants into all-natural, 100 percent recyclable material that mimics all the properties of traditional leather, yarns, and foams,” Managing Partner at BMW i Ventures Kasper Sage said. “Having a scalable, cost-competitive alternative to leather with premium qualities is key to further advancing the decarbonization of the automotive industr
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Natural Fiber Welding (NFW), a Peoria, IL-based developer of technologies based on the sustainable use of plants and natural fibers to obtain durable goods and textiles, raised $15M in funding.
The round was led by The Community Development Venture Capital Alliance (CDVCA), with participation from BMW i Ventures, Prairie Crest Capital, Ethos Capital, For Good Ventures, and Evolution VC Partners.
The company intends to use the funds to scale production and move into new markets like the automotive industry that need a sustainable solution to replace synthetic materials.
Led by Dr. Luke Haverhals, NFW provides technologies based on the sustainable use of plants and natural fibers for durable goods and textiles. The company’s patented plant-based leather MIRUM is suited to displace both animal leather and synthetic leather alternatives with materials that are plastic-free and high-performance.
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