Portfolio company, Gen Phoenix, raises $18m Series B

Sustainability-focused businesses continue to be at the heart of Bootstrap Europe. Across its three funds, Bootstrap remains selective with its choice of clients. That’s why we’re always thrilled to see our portfolio companies succeed beyond working with us as the legacy they are building will be felt for generations to come. One example of this is Gen Phoenix who raised a significant investment of $18m in late March 2023.

Formerly known as ELeather, the business launched in 2008 and has over fifteen years of experience manufacturing sustainable recycled leather and pioneering circularity at scale. Gen Phoenix serves brand partners in search of tangible solutions to their sustainability goals.

The investment was led by venture capital firm Material Impact, with participation from Dr. Martens, InMotion Ventures (the investment arm of Jaguar Land Rover) and Tapestry, the house of modern luxury lifestyle brands that include Coach, Stuart Weitzman and Kate Spade. The funding round also includes existing investors ETF Partners and the Hermes GPE Environmental Innovation Fund, who continue to support the company’s growth plans.

The name ushers in a new generation of materials for the next era of sustainability and underscores the company’s commitment to manufacturing environmentally-friendly next-gen materials. Inspired by the cyclical regeneration of the phoenix, Gen Phoenix gives new life to leather waste by transforming it into a sustainable alternative.

The latest round of funding will bolster growth for the business and further efforts to meaningfully tackle the world’s waste problem. Furthermore, the funding will fuel market expansion into the luxury fashion and footwear categories through future partnerships with leading consumer brands that share Gen Phoenix’s sustainability values and are committed to offering premium, sustainable products to their increasingly eco-conscious customer.

“We’re thrilled to be working with a consortium of like-minded, sustainability-focused partners across a variety of sectors,” says Gen Phoenix CEO John Kennedy. “We look forward to extending our vision of circularity to new markets and providing our customers, strategic partners and end consumers with best-in-class circular materials.”

You can see the full release here, and find out more on Gen Phoenix’s recent Series B round at WWDBusiness of Fashion and Drapers.

About Bootstrap Europe

Bootstrap Europe supports thriving industries across the globe, from green energy and genetic testing to SaaS, fintech and smarter city solutions; the team’s collective experience has ensured that the fund includes some of Europe’s fastest, socially-focused scale-up businesses.

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