Melbourne-based plant-based leather startup Alt.Leather has successfully concluded an oversubscribed seed funding round, raising $1.1 million. The funding round was led by family investment firm Wollemi Capital Group and included participation from LaunchVic’s Alice Anderson Fund, Startmate, and The Austin Group.
Founder Tina Funder initially aimed to raise $750,000 but increased the target to $1.1 million due to strong investor interest. Funder previously launched vegan handbag brand LOM Australia in 2022, using materials like cactus and apple leather. Her ambition now extends to creating Australia’s first 100% bio-based leather alternative.
“I tested many of the biobased alternatives on the market and couldn’t find a suitable material that was petrochemical-free. Given the current climate, it felt like a significant commercial opportunity with the benefit of a positive environmental outcome,” Funder said.
Over the past year, Alt. has grown its research team from one to four, with the team led by chief scientific officer Tuan Nguyen. “By adopting green chemistry innovation, we have developed patentable material composition and technology to produce a leather alternative that is both durable and commercially scalable,” says Nguyen. “Our material uses a combination of waste streams and regenerative plant derivatives available in abundance globally, making Alt. Leather a reliable and sustainable choice.”
The funds raised will be used for filing a provisional patent, sample production in collaboration with Australian brands, and advancing research and development for the product.
