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Agronomics Ltd on Wednesday said its portfolio firm and cultivated leather production company VitroLabs Inc has raised $46 million.
The series A financing round will go towards the build and scale of a pilot production of cell cultivated leather.
Agronomics, focused on cellular agriculture, led this funding round. It made a $7 million investment in VitroLabs in September 2021.
Agronomics now holds a 10% stake in VitroLabs and has the right to a board seat.
VitroLabs Chief Executive Officer Ingvar Helgason said: ‘At a time when environmental stewardship is more important than ever, biotech companies have the opportunity to lead the way in changing how we produce materials and build supply chains, working hand in hand with existing artisans and craftspeople who are the cornerstone of the $400 billion leather goods industry. By launching the first production of cultivated leather, we'll hit a major milestone in fulfilling our mission to lead the shift towards a more sustainable future.’
Other investors include Bestseller's Invest FWD, luxury retailer Kering SA, Khosla Ventures, Hollywood actor Leonardo DiCaprio, New Agrarian, and Regeneration.VC
Agronomics shares rose 8.2% at 18.50 pence each on Wednesday afternoon in London.
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