Uncaged Innovations, a New York-based manufacturer of plant-based leather, has secured USD 5.6 million in a seed funding round led by Green Circle Foodtech Ventures and Fall Line Capital, with participation from Ponderosa Ventures, Golden Seeds, and InMotion Ventures, Jaguar Land Rover's investment arm.
The funds will be used to facilitate the company's commercial launch, amplify its production capabilities, and expand its manufacturing team. Uncaged Innovations' eco-friendly process claims to reduce water usage by 93% and energy consumption by 72% compared to traditional animal leather.
Analyst QuickTake: In June 2023 , the company raised USD 2 million in seed funding led by InMotion Ventures to support the market entry of its bio-based leather. The company also claims it has optimized its process to full production scale and targets the fashion, automotive, and home goods industries.
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