Biomaterials company UNCAGED Innovations announced that it has raised $5.6 million in a Seed investment round, with proceeds aimed at supporting the company’s commercial launch of its grain-based sustainable leather and allow it to expand its team, including its manufacturing team.
Founded in New York in 2020 by CEO Stephanie Downs and CTO Dr. Xiaokun Wang, UNCAGED has a technology platform, BioFuze, that fuses structural proteins from grains into fibral networks that mimic the performance and texture of traditional leather. The company said its end product emits 95% less greenhouse gases (GHG), and consumes 93% less water, and 72% less energy than traditional animal leather. And unlike some artificial leather it is free of plastics.
UNCAGED endeavors to replace traditional cow leather from the livestock industry, which emits about 14.5% of global GHGs, although that is also for the production of meat and dairy. The cattle industry also consumes a considerable amount of water, with the production of one pound of beef requiring about 2,000 gallons.
Stephanie Downs, CEO and Co-Founder of UNCAGED Innovations, said:
“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.”
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).
The funding follows a $2 million pre-seed round last year with investment from VegInvest and InMotion Ventures, among others.
Stu Strumwasser, Founder and Managing Director of Green Circle Capital, said:
“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, added:
“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.”