$10 million for ‘lab-grown leather’ company
Hong Kong-based Horizons Ventures has invested $10 million in Modern Meadow, a biomaterials company that claims it can produce "leather materials" with advantages in performance, without using animals.
The US company will use the investment to accelerate R&D and product development as well as to open an expanded research headquarters in New York City.
CEO Andras Forgacs said: “With the livestock industry being the largest user of land and water and the leading driver of climate change, now is the time to pursue better alternatives. Our goal is to develop new cultured leather materials with advantages in design, performance, sustainability and animal welfare. In the longer term, we are also developing meat products that are healthier, safer and don’t require harming animals or the environment."
A representative from the company addressed the recent annual meeting of the UK's Society of Leather Technologists and Chemists in Northampton, as reported in the latest edition of sister publication World Leather.
