Modern Meadow, a company which develops novel biomaterials, announced Wednesday that it has received US$10 million in funding from Horizons Ventures, an early-stage investment company owned by Hong Kong tycoon Li Ka-shing.
Previous investors include Sequoia Capital, Artis Ventures, Iconiq Capital and Peter Thiel’s Breakout Labs, with support from Singularity University’s Labs program.
Modern Meadow develops biomaterials including high-performance leather with advanced properties and wider design choices.
The company is committed to reducing the global impact of livestock production – the single largest contributor to global warming – by developing new methods for growing animal products that are better, more resource efficient, and do not harm animals.
“With the livestock industry being the largest user of land and water and the leading driver of climate change, now is the time to pursue better alternatives,” Modern Meadow co-founder and chief executive Andras Forgacs said.
“Our goal is to develop new cultured leather materials with advantages in design, performance, sustainability and animal welfare.”
In the longer term, the company will develop healthier and safer meat products that don’t require harming animals or the environment, Forgacs said.
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