Bolt Threads, the American start-up responsible for the development of mycelium-based leather alternative Mylo, has reportedly had to halt production due to a lack of funding. This setback is concerning for the fashion industry, as many influential brands such as Stella McCartney, Kering, and Adidas have been incorporating Mylo into their products. Although there has been no official confirmation from the company, Vogue Business has reported on the production pause.
CEO of Bolt Threads, Dan Widmaier, explained that the company was on the verge of achieving commercial scale with Mylo, but faced obstacles such as inflation and a challenging economic environment that limited funding opportunities. Consequently, Bolt Threads has made the decision to reevaluate its strategy moving forward. Widmaier also noted that investor interest has shifted towards other areas, specifically artificial intelligence, which has attracted significant funding and driven up share prices for AI-focused companies.
Nonetheless, the fashion industry remains determined to explore and invest in alternatives to traditional leather. Arda Biomaterials, for instance, has recently secured funding to further develop its animal- and plastic-free leather alternatives that are made from waste materials. While Bolt Threads has received a substantial $300 million in investment, Arda is still at an earlier stage of development and has just secured £1.1 million in funding led by the UK’s Clean Growth Fund.
Ecco Leather, a Danish footwear specialist, has also partnered with Ecovative, a prominent mycelium technology company, to collaborate on the development and commercialization of the next generation of mycelium materials for various products. Allbirds, a popular shoe brand, has been actively incorporating leather substitutes into their designs as well. Furthermore, there is increasing interest in lab-grown real leather, with American start-up VitroLabs Inc. raising $46 million to pilot cell-cultivated leather production, with investments from Kering and Bestseller.
Although the pause in Mylo production is undoubtedly a setback for Bolt Threads, it is clear that the fashion industry remains committed to discovering sustainable alternatives to traditional leather. The demand for innovative materials that reduce environmental impact continues to drive investment and collaboration in this field. As the industry progresses, it is likely that more solutions will be developed and scaled up to meet the growing demand for cruelty-free and eco-friendly options.
Useful links:
1. [Arda Biomaterials](https://www.ardabiomaterials.com/)
2. [VitroLabs Inc](https://www.vitrolabs.com/)
