Alt.Leather's $1.1 million seed round marks a new era in Australian bio-based textiles
Summary
The round was led by family investment firm Wollemi Capital Group and joined by LaunchVics Alice Anderson Fund, Startmate, and The Austin Group.Founded by Tina Funder, Alt.Leather was shortlisted in SmartCompanys the Pitch an early-stage startup competition in Melbourne in 2023. The company initially set a fundraising target of $750,000 but raised the bar to $1.1 million in response to strong investor interest.Funder previously launched the vegan handbag brand LOM Australia in 2022, which utilised materials such as cactus and apple leather. Her ambition quickly grew to become Australias first 100% bio-based leather alternative.I tested many of the biobased alternatives on the market and couldnt find a suitable material that was petrochemical-free. Given the current climate, it felt like a significant commercial opportunity with the benefit of a positive environmental outcome, Funder said.Alt.Leather is not only animal-free, but it also contains zero plastics and utilises agricultural waste to make textiles. The creativity of entrepreneurs like Tina Funder helps us reimagine a world where we can enjoy beautifully crafted goods in a sustainable and environmentally friendly way, Victoria Denholm, Wollemi Capital Group CEO, said.The funds from the seed round will be used to propel the company forward, focusing on filing a provisional patent and initiating sample production in collaboration with Australian brands.