Biomaterials company Modern Synthesis today announces the successful close of a $5.5 million funding round.
Founded by ex-Adidas designer Jen Keane and synthetic biologist Dr Ben Reeve, the company uses material science to transform nanocellulose — a natural byproduct of fermentation — into a new class of responsible textiles and coatings.
The company’s bio-based products not only displace animal leathers and plastic-based textiles, but also generate entirely new textile possibilities for designers.
Fashion faces financial risks as 35+ sustainability regulations loom
Despite the demand from the industry, commercially available sustainable textiles represent less than 5 per cent of the $1 trillion global apparel textile market.
With more than 35 new sustainability-linked regulations slated to reshape the industry in the next few years, fashion and apparel brands that fail to adapt their material portfolios could face significant financial risks.
Further Industry research shows that fashion brands trying to comply with mounting decarbonisation and climate regulations will face a 133 million tonne shortfall of low-impact raw materials by 2030.
Modern Synthesis’ technology enables brands to reduce this shortfall by proactively adjusting their preferred raw materials mix whilst delivering new looks, feels, and material functions.
To make their biobased materials, Modern Synthesis transforms nanocellulose – a natural fermentation-derived fibre – into durable, high quality alternatives to animal leather, ‘vegan’ leather, and plastic-based coated textiles.
The company’s scalable, proprietary process leverages advanced material science to build upon the innate strength and versatility of nanocellulose, a naturally derived polymer which is 8 times stronger than steel at a nanofibre level. The resulting materials are free from petrochemicals and toxic ingredients, and offer reduced environmental impact compared to incumbent textiles
Extantia Capital led the round with participation from Artesian and Collaborative Fund. This investment will enable Modern Synthesis to expand production at its pilot facility and service more leading fashion brands on its growing waitlist.
CEO and co-founder of Modern Synthesis, Jen Keane, shared:
“Having demonstrated unprecedented material performance without plastic, we’re primed to offer the fashion market a material solution that can both captivate consumers and unlock a path to circularity.
This investment gives us the capacity to work with more brands as we continue to uncover new use cases for the technology.”
Yair Reem, Partner at Extantia Capital, comments:
“The first thing that struck us was how this material rivals traditional leathers in look and feel, but can also offer something entirely new that excites designers.
Modern Synthesis represents the future of industry—delivering better, more cost-effective, and resilient materials that also happen to be green.”
Alexandra Clunies-Ross, Partner at Artesian Investments, adds:
“Our investment decision was driven by the company's potential to revolutionise traditional manufacturing processes, and drive real impact at scale.”
In September 2023, Modern Synthesis unveiled a prototype handbag in collaboration with Danish fashion brand GANNI; the companies are jointly working towards a commercial launch of GANNI’s Bou Bag in Modern Synthesis’ biomaterial.
Lead image: Modern Synthesis co-founders Ben Reeve and Jen Keane.
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