London-based Modern Synthesis, which makes eco-friendly materials from bacteria for fashion and other uses, has raised $5.5 million to launch its biobased materials to the market and grow its workforce. Investors include Extantia as the lead, along with Artesian (Alternative Investments) and Collaborative Fund.
- Founded in 2019 by Ben Reeve and Jen Keane, Modern Synthesis develops sustainable, high-performance materials by using bacteria to create nanocellulose-based alternatives to animal leather, vegan leather, and plastic-coated textiles.
- The startup combines biology, material science, engineering, and design to harness the incredible strength of nanocellulose, which is eight times stronger than steel at a nanofiber level. Their process produces customizable, biodegradable materials that are free from plastics and animal inputs, reinventing materials for a more sustainable, circular future.
- In September 2023, Modern Synthesis revealed a prototype handbag in partnership with Danish fashion brand GANNI. The two companies are working together on the commercial launch of GANNI’s Bou Bag made from Modern Synthesis biomaterial.
Details of the deal
- The funding was led by Extantia, a Berlin-based VC firm managing €300 million, focused on supporting climate-focused companies in Seed to Series A rounds across Europe, with investments ranging from €1 million to €5 million.
"The first thing that struck us was how this material rivals traditional leathers in look and feel, but can also offer something entirely new that excites designers. Jen’s deep expertise in fashion and design, combined with Ben’s tech-savvy brilliance, has created a game-changing solution that redefines what’s possible with sustainable, high-performance materials," explains Yair Reem, Partner at Extantia Ventures.
- The investment also saw participation from Sydney-based investment management firm Artesian (Alternative Investments) and New York-based VC Collaborative Fund.
"It takes an army to revolutionise an industry. We're incredibly grateful to everyone who has supported our vision in shaping a future where design is no longer constrained by conventional materials, or polluted by plastics," Modern Synthesis's team, commented on LinkedIn.
- The startup will use the fresh capital raised to scale its pilot production, grow its team, and accelerate the market launch of its biobased materials.
