Investors Need to Write Bigger Checks for Green Businesses, Says Canopy Founder Nicole Rycroft

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This story was updated at 11:00 a.m. EST on Monday, July 1, 2024.

LONDON — Scientists, engineers and entrepreneurs are working wonders with natural materials including algae, seaweed, mycelium and chitosan, but while R&D may be advancing quickly, so are the challenges around scaling and financing these innovative businesses.

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The Future Fabrics Expo, which ran Tuesday and Wednesday in London, was a wonderland of invention and creative thinking, with 250 companies taking part across the fashion, footwear and home furnishings sectors.

There were talks, too, with Canopy addressing the money issue, hosting a seminar aimed at getting investors interested in alternative fibers. Called “Getting Real on Price: What It’s Going to Take to Scale Next Gen,” speakers included Nicole Rycroft, founder and executive director of Canopy, and Gagan Bansal of H&M Group.

The fair was divided between innovators focused on R&D and companies offering immediate solutions to the 2,000 designers, entrepreneurs and press attending.

Among the exhibitors was Soarce, which is whipping seaweed into protective coatings and leather alternatives for shoes, and Lenzing, which is crafting blankets to protect Europe’s glaciers, and later spinning the used material into cool designs.

The Lenzing coat made from recycled glacier blankets.
The Lenzing coat made from recycled glacier blankets.

Beyond Surface Technologies is working with a micro algae-based oil that helps fabric to absorb moisture and transport it away from the body. The company has also come up with a water-repellent, plant-based wax extracted from the candelilla plant, which is found in the North American desert.

Pelinova, meanwhile, is shredding old leather and fusing it with Tencel-branded fabric to create more alternatives to leather. The company has been working with Ganni to make boots, although the material can be used for bags, wallets, shoes and a variety of accessories.

Ecovative, one of the first movers in the alternative textiles space, is continuing its mission to replace plastics with lab-grown mycelium, or fungus roots. It works directly with tanneries which transform the raw material into leather alternatives.

While there is no shortage of great ideas, companies large and small are facing the challenges of funding, how to scale and bring their prices down.

“Our next challenge is acceleration and scale,” with regard to everything — circularity, biodiversity, transparency and traceability, said Alexandre Capelli, deputy director of environmental development at LVMH Moët Hennessy Louis Vuitton.