PACT raises £16M for collagen-based alt leather

In the United Kingdom, biomaterials startup PACT has raised £16 million (US$21.0 million) to scale its leather alternative made from collagen. Dubbed Oval, PACT’s cosmetics-grade collagen has a significantly lower environmental footprint than both animal and synthetic leathers and requires far less water.

The Series A funding round was led by Forbion and HV Capital. The funds will be used to build a 20-meter pilot line in Cambridge to supply luxury fashion houses and expand into automotive and footwear industries.