Beyond Leather Materials announced raising DKK 8.2 million in an investment round backed by Rockstart, Vækstfonden and Steen Ulf Jensen.
Beyond Leather Materials, a Copenhagen, Denmark-based manufacturer of plant-based and eco-friendly alternatives to animal leather, announced that it completed a seed investment round of DKK 8.2 million ($1.2M).
The money round was led by angel investor Steen Ulf Jensen via Jensengroup Investment Fund and included financial contributions from Rockstart and Vaekstfonden. Proceeds will be used to open a new production facility in the Copenhagen area and expand the team.
Beyond Leather Materials, founded in 2016 by Hannah Michaud and Mikael Eydt (CEO), is a B2B supplier of a sustainable alternative textile based on apple pulp, the byproduct from juice and cider production. The product is fully biodegradable, animal free and much more sustainable than animal-derived or synthetic leather.
Beyond Leather Materials expects to make its product available to the fashion industry players by the end of 2020.