Brett Mathews writes on LinkedIn: Natural Fiber Welding (NFW), one of the most hyped innovators in so-called ‘next-gen’ materials for fashion, is winding down operations.

This is the company behind MIRUM, the plant-based leather alternative that promised to cut fashion’s reliance on synthetics.
It secured partnerships with brands like Ralph Lauren and at its peak employed nearly 300 people.

The company has endured financial struggles in recent times, including several rounds of layoffs.

However, the news will still send a jolt through the next-gen materials space.

This, remember, is a company that just last year was an Earthshot Prize finalist and which closed a US$85m funding round as recently as 2022.

Are we backing the wrong horses?

Or is it simply the case, as some suggest, that such businesses need more time/money to commercialise?

You can read our story here: https://lnkd.in/eA4AsSJ8.