TômTex, the company behind the innovative biomaterial made out of shrimp shells, has secured $4.15 million in funding.
According to JustStyle, the fundraising for the Brooklyn-based startup has come from many key investors, including Happiness Capital, SOSV, Parley for the Oceans, and MIH Capital. These funds will be used to hire more workers and increase production.
Because leather in the fashion industry has been tied to the meat industry, which raises questions of animal cruelty and large-scale waste, companies have been searching for alternatives, such as vegan leather, cactus leather, and even fish leather made from the giant pirarucu in the Amazon.
However, these leathers still use plastic in the production of their materials, meaning they could take decades to decompose.
Just last year, TômTex, founded by textile researcher and designer Uyen Tran, discovered how to make leather from shrimp shells, mushroom waste, and other biomaterials, including coffee grounds. Because there is no plastic found in its products, TômTex plans to make clothing that is "developed in collaboration with nature and 100% naturally biodegradable."
The new funding allows TômTex to increase the production of its shrimp shell materials, rolling out production for commercial orders. This marks an important milestone in 100% biodegradable material that uses less energy, decreases waste, and decreases plastic pollution.
TômTex's material allows the company to mimic fabrics like leather, pleather, suede, latex, and vinyl so they can be used in the production of many materials, from furniture to automobiles to clothing.
"Investing in TômTex means investing in a scalable platform that has the potential to revolutionize industries while making a positive impact on our environment," said general partner at Happiness Capital Eric Ng, one of the investors.
"As a major player in the global shrimp industry, Vietnam witnesses a massive waste of shrimp shells, aligning perfectly with TômTex's philosophy: 'Waste is the new luxury.' Now is the time for TômTex to scale," said Tien Nguyen, a general partner at Earth Venture Capital. "We are committed to this critical stage of the company, driven by a strong belief in the future of sustainable fashion."
"We are fascinated by how nature recycles all its materials and we work in collaboration with our organic materials to develop textiles that contribute to circularity," reads TômTex's website. "It's the only way forward."
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