The round was led by SOSV. Nucleus Adventures Capital, C3 Ventures, CRCM Ventures, Gaingels, Portfolia Food and AgTech Fund, Chasing Rainbow Ventures, and Angels also participated, according to Just Style.
“At IndieBio, we look for companies that want to make a difference in the world and have the passion and skills to deliver on their dreams, and we found that in abundance with Tomtex,” says Stephen Chambers, partner and managing director of IndieBio New York, a part of SOSV. “The company combines designer sensibility and material science to build a sustainable material with both the aesthetic and performance of natural leather.”
Tomtex CEO Uyen Tran founded the company in 2020 based on her experiences with textile pollution and leather manufacturing near her childhood home in Vietnam. “I believe that materials fundamentally have a great impact in our everyday lives and lifestyles,” she adds. “At Tomtex, we envision a world where people surround themselves with high-performing materials, sourced directly from waste, not from fossil fuels.”
The company plans to first target the luxury leather goods market, which is expected to reach $74 billion in sales this year.