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UNCAGED Innovations, based in New York, announced today that it has secured $5.6 million in seed funding for its production of environmentally friendly leather made from grain crops, as reported by Vegconomist.
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, an investment arm of JLR (Jaguar Land Rover). These investments will be used to bring the product to market, scale up production, and expand the team.
These new investments follow the company's 2023 previous funding round, in which UNCAGED raised $2 million.
UNCAGED Innovations was founded in 2020 by CEO Stephanie Downs and CTO Dr. Xiaokun Wang. They create fiber networks from grain structural proteins, replacing traditional animal collagen to produce environmentally friendly leather used in fashion, automotive industries, and home goods manufacturing. UNCAGED Innovations claims to have already optimized this innovation for full-scale production.
The company utilizes its BioFuze technology platform in combination with roll-to-roll manufacturing to create animal-free leather that mimics the texture and properties of its animal counterpart.
In a statement to Vegconomist, CEO and Co-founder Stephanie Downs explained, “It is important to note that leather is a profitable byproduct of the meat industry. Animal skins are sold for profit, not waste reduction. Meat producers derive 5% of their profits from leather products. Purchasing such products only supports the exploitation of animals.”
Animal product manufacturing is one of the reasons for the generation of 14.5% of global greenhouse gas emissions and requires intensive use of chemicals and plastics in the leather industry.
An external analysis showed that UNCAGED's plant-based alternative significantly reduces environmental impact compared to traditional leather. This innovative material emits 95% fewer greenhouse gases, consumes 93% less water, and requires 72% less energy. The company's technology uses plant-based collagen to create a biodegradable and sustainable alternative without the use of plastic.
Stu Strumwasser, Founder and Managing Director of Green Circle Foodtech Ventures, states: “What UNCAGED Innovations has achieved with its grain technology is a significant breakthrough in an industry long awaiting innovation. The opportunities are vast, and we believe their ability to provide a high-quality material that can be scaled and has a competitive price is changing the game.”
Downs comments: “Green Circle and Fall Line not only share our mission but bring vast expertise to operations. The trend has shifted towards sustainable materials, and we plan to ride that wave. This funding round propels UNCAGED one step closer to our ultimate goal of changing all industries dependent on leather.”
Erik O'Brien, Founder and Managing Director of Fall Line Capital, adds: “We understand the challenges farmers face growing grain and are constantly looking for ways to help them get more value from their produce. By diversifying and increasing the value of agricultural flows, we can strengthen our farming systems and offer consumers more sustainable products.”
