PEORIA (WEEK) — Peoria-based Natural Fiber Welding has secured $13 million in its latest round of funding, which was led by the Ralph Lauren Corporation.
In all, the company has raised over $25 million in funding, according to a release by NFW.
“We are thrilled to have the investment, support and insight of Ralph Lauren, an industry icon whose commitment to timelessness – to true sustainability – is central to who they are,” said Luke Haverhals, Founder and CEO at NFW in a statement. “We look forward to working together as we scale our best-in-class technology that has the potential to transform the way companies approach fabric and sourcing.”
NFW currently employs 47 at the Peoria headquarters on Galena Road, with plans to hire 100 more over the next year as they plan to grow its commercial manufacturing.
The latest round of funding will also be used to expand the production facility in Peoria.
NFW, founded in 2015, has worked to find a way to utilize recycled cotton “to create high-performance cotton yarns which can incorporate cotton and other plant-based waste fibers,” according to the company’s statement.
“Through this investment, Ralph Lauren looks to expand its use of recycled post-consumer cotton, helping to advance the Company’s progress toward sourcing 100 percent of its key materials, including cotton, by 2025 and integrating zero-waste principles across its business. Over time, the partnership will enable Ralph Lauren to replace and reduce its reliance on non-biodegradable synthetics, such as polyester and nylon, while scaling the use of more sustainable and upcycled materials,” the statement read.
