The transaction will contribute to the internationalization process and the expansion of the Florentine company's product range.
Florence, March 22, 2024. ID.EIGHT, the Tuscan (Florence) brand of sustainable sneakers made with materials derived from food industry waste, has closed a €350k investment round with a|impact - Avanzi Etica SICAF EuVECA S.p.A.
An impact venture capital fund promoted by Avanzi - Sostenibilità per Azioni in collaboration with Etica Sgr, a|impact supports the development and growth of innovative SMEs and startups with the mission of generating a positive social, environmental, and cultural impact on the community.
24 billion sneakers are produced every year, and their production accounts for 1.4% of global greenhouse gas emissions (data from World Footwear Yearbook).
Id.Eight was founded in 2019 to offer a sustainable, cruelty-free, and genderless alternative to traditional sneakers, focusing on continuous models from season to season to combat overproduction.
The choice of materials used to make ID.EIGHT sneakers is the result of meticulous research, which led to the identification of low-environmental-impact, leather-alternative materials made from the transformation of fruit waste (Uppeal and Vegea are born from the bio-polymerization of apple peels and grape marc supplied by Italian companies, Pinatex is made from pineapple leaves, and BioVeg is made from corn).
In addition to bio-based materials, technical fabrics made from recycled polyester and organic cotton are used for the upper, lining, and insole. The packaging is also designed as a tool to have a positive impact on the environment: the box is made of recycled paper, and inside there is a “seed bomb” to contribute to creating biodiversity that is more favorable to the life of bees.
In just a few years, ID.EIGHT has managed to secure a prominent place in the sustainable footwear market both in Italy and abroad, driven by consumers who are increasingly attentive in their choices and a rapidly growing market that currently stands at 9.17 billion dollars but is set to reach 14 billion dollars by 2031 (data from Skyquest).
The two founders of ID.EIGHT, Dong Seon Lee and Giuliana Borzillo, state: “We are particularly proud of this round because a partner that shares our same values and ethical code is joining our company. This injection of resources will be used to scale our business and implement new projects, including in terms of research and development: we will have the opportunity to engage with companies, test new materials, identify new solutions in terms of eco-design, and invest in activities to identify even more environmentally high-performing materials. In the near future, we will focus in particular on expanding our product range, further internationalizing our brand, especially in Germany and the Netherlands (Northern Europe), and increasing our production capacity through new synergies. All this, however, while remaining faithful to our high standards of quality and sustainability, which we actually aim to continue improving”.
“The investment in the ID.EIGHT brand reinforces our investment strategy in startups committed to radically and intentionally promoting sustainability in the fashion sector. ID.EIGHT shoes have the merit of being sustainable in the materials used and highly original in design, a mix that allows this brand to be positioned among the best examples of innovative companies capable of truly putting the concept of sustainable fashion into practice”, declares Davide Zanoni, Head of the Investment Area at a|impact.
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ID.EIGHT is the sustainable, cruelty-free, and genderless sneaker brand founded in Florence in 2019 by South Korean designer Dong Seon Lee and Italian product manager Giuliana Borzillo. ID.EIGHT sneakers are made with materials derived from food industry waste - such as apple peels, grape stalks and skins, and pineapple leaves. The brand has already received major recognition, such as the special Pitti Immagine award within the Who is on Next competition by Vogue and Altaroma, the Green Product Award 2020, and the CALLforFASHION from the MIP incubator in Florence.
a|impact - Avanzi Etica SICAF EuVECA S.p.A
An impact investment fund, a|impact supports the development and growth of innovative SMEs and startups with the mission of generating a positive social, environmental, and cultural impact on the community.
The promoters are
· Avanzi – Sostenibilità per Azioni, the majority shareholder, is a leader in Italy in research, policy advice, and consulting regarding social, environmental, and cultural innovation. In 2022, it celebrated 25 years of operation.
· Etica Sgr, the asset management company of the Banca Etica Group, founded in 2000, is currently the only Italian asset management company that exclusively establishes and manages sustainable and responsible investment funds.
a|impact invests predominantly in the form of equity or quasi-equity and focuses its operations on companies with registered and operational offices in Italy, with the possibility of investing in targets operating in other EU countries. It focuses on companies in the first and second stages of development, carrying out pre-seed, seed, and first-stage investments in various areas of interest.
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CONTACTS
ID.EIGHT Press Office: Serena Gasparoni sere.gasparoni@gmail.com
Mobile: 3405601016
