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Spiber

Biotech materials / protein fibers for fashionJapan
New to Unitard
💀 Dead / Bankrupt
Peak $1.21 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    Sep 2021
  2. 📈
    Peak valuation
    $1.21 Billion ’21
  3. 💔
    Became a Unitard
    Dec 2025
  4. 💸
    Last valuation
    Wiped out
Capital raised
$680M
Total raised
$101K/day
Raised per day

Total raised averaged per day over approximately 18.5 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: Senken Shimbun / Business Insider Japan: more than ¥100B from VCs, government-backed funds, securitization and bank loans (≈ $680M at ≈ ¥147/$; lower bound)
Current status
Out-of-court workout approved by shareholders Mar 25, 2026; business transferred to CRANE (led by Maya Kawana, renamed Spiber) for about ¥5B; the old company, renamed 構造タンパク質事業資産管理, is slated for special liquidation after its US subsidiary is wound up

The rise & fall

9 moments · 2007–2026

The key moments.

2007
Founded as a Keio University venture
Kazuhide Sekiyama and Junichi Sugahara start Spiber in Tsuruoka, Yamagata, to make synthetic spider silk.
Senken Shimbun
2015
Goldwin invests ¥3B
The Japanese maker of The North Face apparel becomes a backer and partner.
Senken Shimbun
Dec 28 ’20
Raises money through 'business value securitization'
An MUFG Morgan Stanley-arranged structure funds the push toward mass production in Thailand and the US.
Spiber
Sep 8 ’21
The peak: ¥34.4B raise at about ¥133B post-money$1.21B
Carlyle and Cool Japan Fund anchor a ¥24.4B share sale, with ¥10B more securitized; the company puts post-money value at about ¥133B ($1.21B).
Spiber
2022
First mass-production plant opens in Thailand
A 500-ton plant starts operating in Rayong; a much larger US plant is planned next.
Senken Shimbun
2024
US plant abandoned, ¥28B special loss
Construction costs rise and the large US factory is dropped; 2024 revenue is ¥414M against a ¥4.89B operating loss.
Senken Shimbun
Dec 2025
¥35B loan goes unpaid; rescue sponsor lined up
A ¥35B loan matures unpaid on Dec 28; Spiber has already agreed conditional support from Maya Kawana and starts a private workout.
Tokyo Shoko Research
Mar 25 ’26
Out-of-court workout approved — joins the Unitard Club 💔
Shareholders back a business transfer; 2025 net loss was ¥43.8B and net worth −¥28.1B.
Senken Shimbun
Mar 31 ’26
Business sold to CRANE for about ¥5B$33M
The new company takes the Spiber name; the old one is renamed and slated for special liquidation once the US unit is wound up.
Tokyo Shoko Research
$1.21Bof peak value erased · 18 years

How it happened

Keio University students Kazuhide Sekiyama and Junichi Sugahara founded Spiber in Tsuruoka, Japan, in 2007 to make fermented-protein fibers for brands such as The North Face. On September 8, 2021, it announced ¥34.4B of new funding led by Carlyle and said the round set its post-money valuation at about ¥133B ($1.21B).

It raised more than ¥100B, including loans, but abandoned a planned large US plant as costs rose, taking a ¥28B special loss. Tokyo Shoko Research reported a ¥43.8B loss for 2025 and a ¥28.1B negative net worth after a ¥35B loan went unpaid. Shareholders approved an out-of-court workout on March 25, 2026. The business went for about ¥5B to CRANE, a new company led by Maya Kawana, and the old company is set for special liquidation.

Source: Spiber press release (Sept 8, 2021): ¥34.4B raise (¥24.4B third-party allotment anchored by Carlyle and Cool Japan Fund, with Fidelity International and Baillie Gifford, plus ¥10B of business value securitization); post-money valuation about ¥133B (¥4,500/share × 29,565,875 shares), ≈ $1.21B at ≈ ¥110/$; Reuters via SBBIT (Sept 9, 2021): about ¥135B. Senken Shimbun (Mar 26, 2026): founded 2007 by Kazuhide Sekiyama and Junichi Sugahara as a Keio University venture; more than ¥100B raised; large US plant abandoned with a ¥28B special loss; shareholders approved the business transfer and workout on Mar 25, 2026. Business Insider Japan citing Nikkei (Mar 25, 2026): private workout, Dec 2025 support agreement with Maya Kawana. Tokyo Shoko Research (Mar 26, 2026): FY2025 net loss ¥43.83B, net assets −¥28.107B, liabilities ¥36.362B; ¥35B loan unpaid at its Dec 28, 2025 maturity; business sold to CRANE for about ¥5B (TSR figure, not disclosed by the company), closing set for Mar 31, 2026; special liquidation of the old company planned about two years out.

Founders

  • Kazuhide Sekiyama
    co-founder & representative executive officer (led at peak)
    No public profile matched
  • Junichi Sugahara
    co-founder & director
    No public profile matched

Disclosed investors (14)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-22 · Methodology · Leaderboard

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