Australia’s ALT.Leather Closes Oversubscribed $1.1M Round for Biodegradable Leather Alternative
Female-led Australian startup ALT.Leather has raised $1.1 million in an oversubscribed seed funding round after developing a plastic-free, bio-based leather alternative. Investors in the round included Startmate, The Austin Group, Wollemi Capital Group, The Alice Anderson Fund, and various angel investors. ALT.Leather will use the funding for further research and the production of samples for interested brands; the startup is also filing for a patent. ALT.Leather’s material is made from agricultural waste and regeneratively grown plants, with no animal products or petroleum-derived plastics. It is suitable for fashion, furniture, the automotive industry, and more. The leather alternative is “designed for end-of-life”, and is being tested to ensure it can be recycled or biodegrade without harming the environment. Bio-based vegan leather ALT.Leather was founded by Tina …