PEORIA, Ill. – A Peoria-based manufacturer says it’s secured $85 million to do some expanding.
Natural Fiber Welding was founded in 2015 and continues to grow, and the money they raised is to, according to a news release, “scale production of high-performance, all-natural, circular materials products.”
In short, it will allow them to make more plant-based items, instead of using plastic, and to hire more people to do it.
“We envision a world that doesn’t rely on plastic, where abundant natural materials enable people and the planet to thrive together,” said Luke Haverhals, CEO, in a news release. “We’re here to leave the world better than we found it and we look forward to working with our brand partners to build a comprehensively circular coalition for the planet.”
It’s not clear how many jobs will be added.
The money came from groups ranging from agri-business, to Ralph Lauren, to the “Central Illinois Angels” investment group.
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