Total amount raised
$52.5 Millions
Latest funding date
6/1/2016
Location
Modern Meadow has successfully raised $52.5 million over three funding rounds, with significant investment from top investors. The company focuses on creating sustainable leather alternatives through innovations in biology and material science.
Keep reading to explore the intricacies of Modern Meadow's fundraising journey and the investors backing this pioneering biotech company.
What Is Modern Meadow?
Modern Meadow, founded by Andras Forgacs, is a pioneering company in the field of biofabrication. Established in Nutley, New Jersey, the company focuses on creating sustainable leather alternatives through innovations in biology and material science.
With a team of 51-200 employees, Modern Meadow harnesses the building blocks of nature to develop protein-based materials and ingredients. Their flagship product, BIO-VERA®, exemplifies their commitment to sustainability and innovation.
Modern Meadow collaborates with leading brands and manufacturers to drive material innovation, offering new design possibilities for various consumer sectors.
How Much Funding Has Modern Meadow Raised?
- Series A Round
- Amount Raised: $10 million
- Date: June 2014
- Lead Investors: Horizons Ventures
- Motivation Behind the Round: To support Modern Meadow's mission to help fashion designers and leather goods manufacturers meet global demand without harming animals or the environment.
- Series B Round
- Amount Raised: $40 million
- Date: June 2016
- Lead Investors: Horizons Ventures and Iconiq Capital
- Motivation Behind the Round: To transition from research and development to scaling up production, including expanding their lab and design studio in New York and establishing their first foundry or factory.
Modern Meadow has raised a total of $50 million in funding. The current valuation is $200 million (~estimated).
Key Investors
- Horizons Ventures
- Details: Horizons Ventures is a Hong Kong-based venture capital firm managed by Solina Chau. It is the private investment arm of Li Ka-shing, one of Asia's wealthiest individuals.
- Investment Focus Areas: Technology, innovation, disruptive technologies
- Notable Investments: Facebook, Spotify, Siri
- Iconiq Capital
- Details: Iconiq Capital is a global multi-family office and merchant bank. It manages the wealth of some of Silicon Valley's most influential tech entrepreneurs.
- Investment Focus Areas: Technology, media, telecommunications
- Notable Investments: Uber, Airbnb, Alibaba
- ARTIS Ventures
- Details: ARTIS Ventures is a venture capital firm that invests in early-stage companies. They focus on transformative technologies in life sciences and technology sectors.
- Investment Focus Areas: Life sciences, technology
- Notable Investments: Stemcentrx, YouTube
- Temasek
- Details: Temasek is a global investment company headquartered in Singapore. It manages a diversified portfolio across various sectors and geographies.
- Investment Focus Areas: Financial services, telecommunications, media, technology, transportation, industrials
- Notable Investments: Alibaba, Dell, Airbnb
- Breakout Ventures
- Details: Breakout Ventures is a venture capital firm that supports companies at the intersection of science and technology. They focus on early-stage investments.
- Investment Focus Areas: Science, technology
- Notable Investments: Ginkgo Bioworks, Bolt Threads
What's Next for Modern Meadow?
Modern Meadow stands at the cusp of a significant opportunity, aiming to become a leading supplier of sustainable leather for industries like fashion, accessories, and furniture. With the global leather goods market projected to reach $91.2 billion, the potential for growth is immense. Their innovative biofabrication process not only meets the rising demand for eco-friendly products but also offers customizable leather to designer specifications.
As Modern Meadow scales up production, future fundraising rounds seem likely to support their expansion. The successful Series B round indicates strong investor confidence, paving the way for additional capital to establish new facilities and hire talent. However, challenges such as making biofabricated leather affordable and competing with established leather options remain. Overcoming these hurdles will be crucial for capturing a significant market share.
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