The operation will contribute to the Florentine company's internationalization process and the expansion of its product range.
Florence, March 22, 2024. ID.EIGHT, the Tuscan (Florence) brand of sustainable sneakers made with materials deriving from food industry waste, closes a €350k investment round with a|impact - Avanzi Etica SICAF EuVECA SpA .
An impact venture capital fund promoted by Avanzi - Sustainability for Actions in collaboration with Etica Sgr, a|impact supports the development and growth of innovative SMEs and startups that aim to generate a positive social, environmental, and cultural impact on the community.
Every year, 24 billion sneakers are produced, and their production accounts for 1.4% of global greenhouse gas emissions ( World Footwear Yearbook data).
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, against 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 materials, alternatives to leather, 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, made from pineapple leaves and BioVeg from corn).
In addition to the bio-based materials, technical fabrics in recycled polyester and organic cotton are used for the upper, lining, and insole. The packaging is also designed to have a positive impact on the environment: the box is made of recycled paper and contains a "seed bomb" to help create a more favorable biodiversity for bees.
In just a few years, ID.EIGHT has managed to gain a leading position in the sustainable footwear market both in Italy and abroad, driven by increasingly careful consumers in their choices and a rapidly growing market that stands at 9.17 billion dollars and will reach 14 billion dollars by 2031 (Skyquest data).
ID.EIGHT founders Dong Seon Lee and Giuliana Borzillo stated: " We are particularly proud of this round of funding, as it brings a partner who shares our same values and code of ethics into our shareholder structure. This infusion of resources will help us scale our business and launch new projects, including research and development. We will have the opportunity to engage with companies to test new materials, identify new eco-design solutions, and invest in the development of even more environmentally friendly materials. In the near future, we will focus specifically on expanding our product range, further internationalizing our brand, particularly in Germany and the Netherlands (Northern Europe), and increasing our production capacity through new synergies. All this while remaining faithful to our high standards of quality and sustainability, which we aim to continually improve ."
"The investment in the ID.EIGHT brand strengthens our strategy of investing in startups committed to radically and intentionally promoting sustainability in the fashion industry. ID.EIGHT shoes have the advantage of being made from sustainable materials and highly original in design, a combination that positions this brand among the best examples of innovative companies capable of truly embracing the concept of sustainable fashion ," says Davide Zanoni, Head of Investment at a|impact.
---
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 awards, including the Pitti Immagine special prize in the Vogue and Altaroma Who is on Next competition, the Green Product Award 2020, and the CALLforFASHION from the MIP incubator in Florence.
a|impact - Avanzi Etica SICAF EuVECA SpA
An impact investment fund, a|impact supports the development and growth of innovative SMEs and startups that have a mission to generate 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 on social, environmental, and cultural innovation. It celebrates 25 years of activity in 2022.
· Etica Sgr, an asset management company of the Banca Etica Group founded in 2000, is currently the only Italian asset management company that establishes and manages exclusively sustainable and responsible mutual funds.
a|impact invests primarily in equity or quasi-equity and focuses its operations on companies with registered offices and operations in Italy, with the possibility of investing in targets operating in other EU countries. It focuses on early- and late-stage companies, making pre-seed, seed, and first-stage investments in various areas of interest .
---
CONTACTS
ID.EIGHT Press Office: Serena Gasparoni sere.gasparoni@gmail.com
Cell: 3405601016
