Aussie start-up ALT. Leather has raised $1.1 million in an oversubscribed seed funding round for what it claims to be Australia’s first fully bio-based, plant-based leather alternative.
Investors in the round included Startmate, The Austin Group, Wollemi Capital Group, The Alice Anderson Fund, and various other angel investors. ALT.Leather said it will use the funding for further research and the production of samples for interested brands, and the startup is also filing for a patent, according to vegconomist.
The company says its leather’s material is 100% bio-based & animal free, a combination of biomass from existing agricultural industries and regenerative plant based ingredients all manufactured in Australia. It also says the product contains zero plastics, no PU, PVC, or acrylic coatings.
Founded by Tina Funder, who previously launched the vegan handbag and accessory brand Life on Mars, ALT. Leather says it designs its products with a focus on end-of-life, testing the material for recyclability and biodegradability.
“The ALT.Leather team is excited to have closed a successful $1.1 million capital raise,” the company said in a LinkedIn post. “We are fortunate to have the support of strategic investors with expertise covering all aspects of our business from fashion and manufacturing to finance and government. We have the best in the business to call upon when required.”
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