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Year In Review: Did Materials, In Fact, Matter?

Renewcell’s bankruptcy. Syre’s $600 million injection. TômTex named a Time Best Invention of 2024. Spinnova’s entire year. The fashion industry’s next-generation material space saw a lot of change throughout the past 12 months, including the shuttering of next-gen think tank Material Innovation Initiative (MII) in September and Rubi’s nearly $1 million government grant to scale its carbon-to-cellulose platform in December.

Suffice it to say—sure, the lows were low. But the highs? They were high.

More from Sourcing Journal

The biggest issue the biomaterials space continues to face is growth—not just the petri dish kind. Securing funding, entering product trials, producing capsules and locking in brand partnerships are individual, complex steps material innovators must take to navigate the hype cycle. There’s no one-size-fits-all formula for how to leave the lab and enter the production floor.

However, here’s a handful of the feats fêted by the next-gen space during 2024, organized by stage.

Phase I: Capital Investment & Commercial Introduction

These are the material innovators who raised funding to scale their next-gen fibers as well as those that hit the market.

Another Tomorrow

Swiss-based early growth impact investment manager Una Terra invested $2 million in Another Tomorrow, a fellow B Corp focused on sustainable luxury ready-to-wear, as part of its Series A financing round.
Swiss-based early growth impact investment manager Una Terra invested $2 million in Another Tomorrow, a fellow B Corp focused on sustainable luxury ready-to-wear, as part of its Series A financing round.

In March, Swiss-based early growth impact investment manager Una Terra invested $2 million in Another Tomorrow, a B Corp focused on sustainable luxury ready-to-wear, as part of its Series A financing round. Another Tomorrow said the funding from Una Terra underscores both B Corp’s “unwavering commitment to progressing innovation in the service of scaling circular economy solutions addressing biodiversity loss and climate change.”

Spiber

Cashmere blended worsted yarn | 50% Cashmere, 50% Brewed Protein fiber
Cashmere blended worsted yarn | 50% Cashmere, 50% Brewed Protein fiber

In April, Japanese biomanufacturing startup Spiber announced the completion of a fundraising round totaling over 10 billion yen (roughly $65 million). This funding, which includes additional investments from existing shareholders, will allow the company to ramp up the mass production of its Brewed Protein materials and expedite global sales.

Sparxell

 Sparxell, a UK-based developer of sustainable and plant-based pigments, announced it raised $3.2 million in various funding rounds. 
Sparxell, a UK-based developer of sustainable and plant-based pigments, announced it raised $3.2 million in various funding rounds.

In April, Sparxell, a UK-based developer of sustainable and plant-based pigments, announced it raised $3.2 million in various funding rounds. This funding—raised from seed investments, grants and awards—will ramp up the development and commercialization of products without synthetic chemicals from colorants for markets including fashion and cosmetics.