Japanese biotechnology startup Spiber announced on Tuesday that it had agreed to receive financial support from Maya Kawana, eldest daughter of Masayoshi Son, founder and CEO of SoftBank Group.
Spiber is facing financial difficulties and has debt of 36.2 billion yen ($230 million) due at the end of the month. Kawana plans to expand its support for Spiber in the first half of next year, once certain conditions are met.
Kawana said he seeks to put Spiber at the forefront of the biotech startup sector and views the partnership “from a long-term perspective,” not focused on immediate gains, such as an initial public offering (IPO).
After starting his career at Goldman Sachs Japan, Kawana founded brand consultancy Bold in 2019, where he serves as CEO. Previously, she was a visiting scholar and associate professor at Ritsumeikan University in Kyoto.
Spiber, founded in 2007, produces biofibers from artificial proteins derived from plants. The technology is based on research into spider silk conducted by Keio University in Tokyo.
The company’s client portfolio includes luxury brand Burberry and Japanese sportswear manufacturer Goldwin. Spiber is one of the rare unlisted Japanese startups with a valuation exceeding $1 billion.
Spiber’s investors include Goldwin, Carlyle Group, Cool Japan Fund and Japanese materials supplier Komatsu Matere. The company raised 40 billion yen between 2020 and 2021 through value securitization, using intellectual property as collateral.
However, investment costs in a factory in the United States that produces raw materials have increased more than expected due to the devaluation of the yen and inflation. In 2024, Spiber recorded a net loss of 29.5 billion yen on an operating profit of 414 million yen.
In its annual report released in April, Spiber issued a warning about its ability to survive as a company. The note expressed doubts about obtaining funds to cover the imminent payment of the debt.
Spiber is in negotiations with its creditors over a debt restructuring plan and has asked banks to extend the payment deadline.
“By entering into a sponsorship agreement with Kawana, we will be able to continue operating our business,” a Spiber representative said.
The startup is looking to reorganize its operations, taking advantage of the synergies offered by Kawana’s activities. This will include an overhaul of the production infrastructure early next year. Spiber’s deal with Kawana is based on shareholder understanding, according to the company.
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