Spiber’s brewed protein materials are described as lab-grown and plant-based fibers, resins, films, and other types of materials that are manufactured through microbial fermentation, or brewing.

The startup explained that this new class of material is created using its technology platform, enabling customised design and molecular engineering of nature-inspired protein polymers.

Spiber believes these materials can offer alternative solutions to a wide range of conventional animal-based, plant-based and synthetic materials for various purposes, including textiles applications for the apparel industry.

The company explained that the new funding, which includes additional investments from existing shareholders, will allow the company to accelerate mass production of its innovative brewed protein materials and facilitate global sales, further contributing to the advancement of a circular economy.

Mitsubishi UFJ Morgan Stanley Securities and Anderson Mori & Tomotsune acted as the financial and legal advisors for the ¥10bn financing.

So far, 15 domestic and international brands have launched products using Spiber’s materials. The company will continue to strengthen its production system and R&D platform to meet the expected growth in demand and diversifying needs.

Kazuhide Sekiyama, director and representative executive officer of Spiber Inc, believes despite the challenging fundraising environment for startups amidst the global economic landscape, Spiber has been able to sustain its growth thanks to their recognition and expectations.

Sekiyama said: “We are grateful for the continued support and confidence from our investors, financial institutions, and partner companies who deeply understand the value of our technology platform, development materials, and business prospects.

"We remain committed to the establishment and enhancement of the biotechnological foundations essential for realizing a circular society, as well as fulfilling our responsibility for social implementation as a frontrunner in this sector.”

In January 2024, Spiber announced that it is working with fashion industry companies Kering, Eileen Fisher Inc., Johnstons of Elgin, and DyStar to turn biobased and biodegradable textile waste into new materials.