Tomtex, a startup that is developing a plastic-free bio-based material made from seafood shell waste or mushroom waste as a sustainable alternative to leather, has acquired US$1.7 million in pre-seed capital to scale its operation.
SOSV led the investment, which included Nucleus Adventures Capital, C3 Ventures, CRCM Ventures, Gaingels, Portfolia Food and AgTech Fund, Chasing Rainbow Ventures, and Angels, according to Tomtex.
The investment will go into the development and scaling up of the company's tailored chitosan biomaterial technology.
Stephen Chambers, partner and managing director of IndieBio New York, a part of SOSV, said that at IndieBio, they search for firms that want to make a difference in the world and have the passion and abilities to deliver on their dreams, and they found that in plenty with Tomtex.
Chambers added that they are pleased to support Tomtex as they look to disrupt the fashion world by delivering sustainable alternatives to animal and plastic leathers, which combines designer sensibility and material science to create a sustainable material with both the aesthetic and performance of natural leather. They will continue to tap into their wide network of investors and industry insiders to increase the company's potential to grow these sustainable materials and maximize their contribution to the economy's decarbonization.
Tomtex's first market will be the $74 billion luxury leather products industry in 2022.
Uyen Tran, founder and CEO, said that she founded Tomtex based on her experience with textile pollution and leather manufacturing in Vietnam, just a few blocks from her home. Take a look around us; materials are the foundation of everything." Materials, in my opinion, have a significant impact on our daily lives and lifestyles. At Tomtex, they envision a society in which people are surrounded by high-performing materials derived entirely from waste rather than fossil fuels.
The company's patent-pending technique develops high-performance, incredibly green materials using 100 percent biobased inputs.
Dr. Ross McBee, co-founder and CSO, said that they're pleased to continue to develop and grow their approach to deliver the next generation of biomaterials into the hands of customers.
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