Revoltech closes seed round for LOVR Alt leather made of upcycled hemp waste materials
German startup Revoltech announces it has closed a seven-figure seed round for leather substitute LOVR, made of hemp fibres from the leftover residues of CBD products. The funds will bring the 100% biodegradable, plastic-free and climate-neutral material to market.
LOVR stands for “leather-like-without plastic-vegan-residue-based” and was developed with the goal of transforming the leather industry by introducing a truly sustainable material made from agricultural waste. Its production is based on the principles of the circular economy and does not involve the use of chemicals.
Revoltech says, “We make use of waste materials and turn them into something new. The journey of LOVR starts on a field, more specifically with a hemp plant. It is grown for CBD products. We use the crop waste as the base for LOVR. Our trusted agricultural partners supply us with their by-products. This is how LOVR promotes a transparent, regional, and sustainable circular economy. Free from global supply chains, and full of appreciation for people, materials and nature.”
Says Julian Mushövel, Co-Founder & CTO: “Our breakthrough technology ensures that we can produce LOVR with a minimal carbon footprint. Our material will play an important role in fighting climate change and preserving our ecosystems.”
Financing market entry
“The seed funding is a big step for LOVR. I am very happy that we have found partners who share and support our vision of a sustainable circular economy,” says Lucas Fuhrmann, Co-Founder and CEO.
Montgomery Wagner, Co-Founder & COO, states: “With this seed round, we are financing our market entry. The next two years will be about making the step from lab to industry. We are pleased that b.value, BMH and HEAG are supporting us in this endeavour.”
Peter Kallien, CEO of b.value AG, added: “We are pleased to support Revoltech GmbH in its mission to revolutionize the leather market with its sustainable leather alternative LOVR, which is based on a strong and scalable technology foundation and a highly competent and enthusiastic founding team.”
“LOVR has developed the first truly sustainable alternative to leather and is thus making a major contribution to a resource-saving leather and textile industry,” Helge Haase, responsible investment manager at BMH, comments.
“We see significant growth potential, as the trend towards sustainable business has reached all industries and is here to stay.”