Keeping the environment in mind, clothing styles are now becoming not only eco-friendly, but also environmentally friendly! AltMat recently announced a major investment round to further advance eco-friendly innovation in the textile industry. Participating are H&M Group, global sustainability initiative Fashion for Good, Indian fintech and health fund Rainmatter by Zerodha, and venture capital firm Turbostart.
The company is known for producing Altag, a 100% natural cellulose fiber made from agricultural residues such as food crop residues. It offers performance similar to conventional fibers while significantly reducing environmental impact. By upcycling crop residues that would have previously been burned or destroyed, AltMat has taken their technology from laboratory to pilot and industrial stages in just five years.
Shikha Shah (Founder of AltMat) said,
Our journey has been challenging enough to create change in age-old industries like agriculture and textiles. We are excited to welcome extraordinary investors who believe in our purpose and its power. The collaboration with Rainmatter, Turbostart, H&M Group and FFG will further strengthen our innovation expansion and access to the industry. Now we are moving into our next phase.
AltMat plans to strengthen research and development for Indian farmers. Laura Coppen, Investment Manager, New Growth & Ventures, H&M Group, said, “Investing in AltMat is not just about supporting new material innovation, but also paving the way for a transformation of the entire industry. AltMat’s solution opens up possibilities for a sustainable future for the entire fashion industry.”
Scientific innovation, implementation, and market recognition have made AltMat an attractive choice for investors. AltMat presents a path towards decarbonizing the textile supply chain and creating a circular economy for natural materials.
