Modern Meadow Series B Financing
Modern Meadow announced this week a $40 million Series B round of financing led by Horizons Ventures and Iconiq Capital. Other investors included David Shaw, ARTIS Ventures, Temasek, Breakout Ventures, RedSwan Ventures, Collaborative Fund and Tony Fadell. David Shaw is a founding investor and director of the company.
Modern Meadow biofabricates leather from collagen protein and other essential building blocks found in animal skin, without involving animals. Biofabrication re-creates aspects of traditional leather, including suppleness and breathability, while enabling new properties not possible from animal hide, such as improved strength to weight ratio.
“Modern Meadow harnesses the combined power of design, biology and engineering to change the way we think about materials, unlocking the capabilities of nature,” said Andras Forgacs, Co-Founder and CEO of Modern Meadow. “Leather, which represents a $100-billion raw material market, has always been prized for its beauty, functionality and enduring status. Today, as a co-product of the meat industry, it is subject to fluctuations in availability, quality, price and growing demand. At Modern Meadow, we’re re-imagining this millennia-old material to create revolutionary new features without harming animals or the environment.”
An example of publicity for this financing is here
More information about the company can be found here