UNCAGED Innovations, the world’s first biomaterial company to create sustainable leather from grains at scale, has raised an oversubscribed $5.6M Seed investment. The round was co-led by Green Circle Foodtech Ventures and Fall Line Capital, with participation from Ponderosa Ventures, Golden Seeds and existing investor InMotion Ventures, the investment arm of JLR (Jaguar Land Rover).
Headquartered in New York, UNCAGED Innovations combines its proprietary technology platform, BioFuze, with roll-to-roll manufacturing techniques to create a biomaterial that mimics the texture and performance of traditional leather. The leather industry is increasingly coming under the spotlight, with commercial cattle farming responsible for 14.5% of greenhouse gas emissions and the tanning industry’s use of chemicals and plastic.
UNCAGED fuses structural proteins from grains with other bio-based elements to create fibral networks, replacing the animal collagen required for traditional leather. Based on the findings in a third-party life cycle analysis, the end product emits 95% less greenhouse gases, 93% less water and 72% less energy than traditional animal leather. Unlike synthetic leather, which is completely made of plastic, UNCAGED is bio-based and plastic-free.
This investment will support UNCAGED’s commercial launch and allow the company to continue to increase production and expand its team, including growing the manufacturing team. The funding follows a strong year for UNCAGED with a $2M pre-seed round announced last year, which included investment from VegInvest and InMotion Ventures, among others.
Stephanie Downs, CEO and Co-Founder of UNCAGED Innovations, says: “Green Circle and Fall Line not only share our mission but also bring tremendous operational expertise. The tide has turned aggressively toward materials that are sustainable, and we plan to capture that momentum. This funding round brings UNCAGED another step closer to achieving our ultimate goal of disrupting every industry that relies on leather.”
Stu Strumwasser, Founder and Managing Director of Green Circle Capital, says: “What UNCAGED Innovations has achieved with its grain-based technology is a significant breakthrough in an industry that has long awaited a breakout innovation. The opportunity is enormous, and we believe that their ability to provide a high-quality material that is scaled and price competitive is a game changer.”
Eric O’Brien, Founder and Managing Director of Fall Line Capital, says: “While others have attempted to replicate leather using various inputs, we felt the use of structural proteins to mimic collagen was transformational. We understand the margin pressure farmers face growing commodity grains, and we are constantly on the lookout for ways to help them capture more value from their production. By diversifying and applying greater value to agricultural streams, we can strengthen our farm systems and provide consumers with more sustainable goods.”
