Press Release
March 31, 2023

ELeather Raises an $18 Million Investment Round and Rebrands as Gen Phoenix

The Boston and Cambridge Technology team advised Material Impact and Dr. Martens on their investment as part of an $18 million funding round for ELeather, now rebranded as Gen Phoenix. The round also included new investors InMotion Ventures (the investment arm of Jaguar Land Rover) and Tapestry (the fashion group), as well as existing investors ETF Partners and the Hermes GPE Environmental Innovation Fund.

Material Impact is a deep tech venture capital firm based in Boston, Massachusetts, which invests in companies operating in the clean energy, food, transportation, healthcare and manufacturing sectors.

Dr. Martens is an established British footwear brand dating back to 1947, operating under Dr. Martens Plc, a UK company listed on the London Stock Exchange and a constituent of the FTSE250 index.

ELeather (now Gen Phoenix) is a UK-headquartered company which designs and manufactures sustainable recycled leather for use within the airline, bus, rail and luxury goods industries. The funding will be used to further its mission to create premium and eco-conscious next-generation materials, and expand into new consumer-facing luxury fashion and footwear markets.

The Goodwin team was led by Bill Schnoor, Adam Thatcher, Heidi Fitchett and Duy Le.

For additional details on the financing, please read coverage in Fashion United.