Modern Meadow, a Brooklyn-based biofabrication company that grows animal-free leather made from living cells, raised $40m in Series B funding.
The round was led by Horizons Ventures and Iconiq Capital with participation Artis Ventures, Temasek, Breakout Ventures, Red Swan Ventures, Collaborative Fund and Tony Fadell.
The company, which has raised $53.5m, intends to use the funds to continue to develop its technology and international plans.
Founded in 2011 by Andras Forgacs, CEO, Modern Meadow biofabricates leather from collagen protein and other essential building blocks found in animal skin, without involving animals. It re-creates aspects of traditional leather, including suppleness and breathability, while enabling new properties not possible from animal hide, such as improved strength to weight ratio and reduced waste compared to traditional leather.