New York-based sustainable biomaterials manufacturer TômTex yesterday announced the closing of a successful seed round of $2.25 million. The company is backed by Happiness Capital, which led the round, as well as key partners US venture capital firm SOSV, environmental non-profit Parley for the Oceans and MIH Capital. The company had already raised $1.9 million in a previous pre-seed round, bringing the total raised to $4.15 million.
“I am very pleased with our recent fundraising success, which will support the growth of the TômTex team, the hiring of key employees and the expansion of production. In addition to scaling, this is a strategic step to secure new contracts and revenue and strengthen our market position,” comments TômTex founder Uyen Tran in a press release.
TômTex makes its catwalk debut
TômTex takes its name from the Vietnamese word for crab, Tôm, the country of Tran’s birth. The company made headlines with its novel textile made from chitosan, a biopolymer found in the shells of marine animals and fungi, when the leather-like material was used in runway creations at New York Fashion Week and Paris Fashion Week by designers and brands such as Peter Do, Di Petsa, Dauphinette and Maitrepierre was used.
“These haute couture collaborations demonstrate the versatility of TômTex material, which can be custom shaped, die-cut, 3D printed or simply embossed with various animal leather-style patterns,” the company explains.
The base material is a white, sandy, odorless powder that occurs everywhere in nature. Scalability comes from using existing food waste rather than a lab-grown new material, which can be time-consuming and costly.
“We extract it now mainly from crab shells because that’s a big waste stream from the shellfish industry, but it’s in everything, including mushrooms, coffee and insects,” explained TômTex engineer Nicole Sved in a previous interview with FashionUnited.
TômTex uses marine animal waste and mushrooms
Since then, TômTex’s biodegradable material has been divided into two series depending on its origin, the WS series made from marine animal waste and the new M series made from mushrooms. The chitosan is then mixed with other “green” substances, which the company says are made into textiles using a “100 percent green” chemical process.
“We are pleased to be able to accompany TômTex on its journey,” said Eric Ng, General Partner at Happiness Capital. “The company’s biomaterial technology represents a significant advance not only because of its marketability, but also because of its sustainability. Investing in TômTex means investing in a scalable platform that has the potential to revolutionize industries while having a positive impact on our environment.”
“As you read this, you are probably wearing at least four faux leather items that are actually plastic. These items will remain in our environment for centuries,” added Tien Nguyen, General Partner at Earth Venture Capital. “We are incredibly proud to support TômTex in addressing this issue. As a major player in the global crab industry, Vietnam is witnessing the massive waste of crab shells, which fits perfectly with TômTex’s philosophy: ‘Waste is the new luxury’. Now is the time for TômTex to expand. We are committed to this critical phase of the company, driven by a strong belief in the future of sustainable fashion.”