German startup Revoltech, has announced the closing of a seven-figure seed round for LOVR, a leather alternative comprised of hemp fibers from CBD product leftovers. The funding will be used to bring the 100% biodegradable, plastic-free, and carbon-neutral material to market.
LOVR is an acronym that stands for "leather-like-without-plastic-vegan-residue-based" and was created with the intention of changing the leather business by offering a fully sustainable material manufactured from agricultural waste. Its manufacture is based on circular economy principles and does not entail the use of chemicals.
Lucas Fuhrmann, Julian Mushövel, and Montgomery Wagner formed Revoltech in 2021 and have signed a joint investment agreement with b.value AG, BMH Beteiligungs-Managementgesellschaft Hessen mbH, and HEAG. The seed investment of seven figures will be utilized to enhance operations and expand production of sustainable cloth.
Revoltech said that they utilize discarded materials and convert them into something new. LOVR's adventure begins in a field, especially with a hemp plant. It is cultivated to produce CBD products. The agricultural waste serves as the foundation for LOVR. Their dependable agriculture partners provide them with byproducts. This is how LOVR fosters a circular economy that is transparent, regional, and sustainable. Free of global supply chains and full of respect for people, resources, and nature.
Julian Mushövel, Co-Founder & CTO, said that their revolutionary technology assures that they can create LOVR with a small carbon impact. Their substance will be critical in combating climate change and safeguarding their ecosystems. The initial money is a significant step forward for LOVR. He is overjoyed that they have found partners that share and support their vision of a sustainable circular economy.
Montgomery Wagner, Co-Founder & COO, said that with this seed investment, they are financing their market launch. The next two years will be spent transitioning from the lab to the industry. They are grateful for the assistance of b.value, BMH, and HEAG in this endeavor. They’re thrilled to assist Revoltech GmbH in its quest to change the leather industry with its sustainable leather alternative LOVR, which is founded on a solid and scalable technical foundation and a highly qualified and energetic founding team.
Helge Haase, responsible investment manager at BMH, said that LOVR has created the first completely sustainable leather substitute and is thereby making a significant contribution to a resource-saving leather and textile business. They see enormous growth potential since the movement toward sustainable business has spread to all industries and is here to stay.
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