PARIS — U.K.-based biomaterials innovator Pact has raised a 9 million pound, or about $12 million, seed round to commercialize its inaugural material, called Oval.
The company has invested in a new 13,820-square-foot headquarters in the U.K., which includes a research lab and pilot production facility, as it seeks to scale its new material.
Pact cofounder and chief executive officer Yudi Ding said the company has already partnered with major luxury houses on the potential for fashion items, and will expand into footwear, interiors and automotive products.
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“We have poured energy and creativity into our innovations, ensuring they can meet the standards of the world’s most prestigious brands and respect their heritage, whilst also being truly scalable.
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“By partnering with luxury maisons on these new foundational materials, we stand on the cusp of a new era of collaboration between science and elegance; one where sustainability is fused and suffused with beauty,” he said.
The round was joined by Hoxton Ventures, ReGen Ventures, Celsius Industries and Polytechnique Ventures.
“Bringing these esteemed investors, who have deep connections to and understanding of the industry, on board will help us accelerate our progress to date, work with more client partners worldwide and unlock further biomaterial breakthroughs,” Ding added.
Pact’s material, called Oval, uses cosmetic-grade collagen sourced from fish and transforms it into collagen skin, which can then be finished like leather. The material is flexible and similar to leather, but can also be used in place of canvas or other fabrics, and can be finished or produced in various colors. The company believes these properties poise Oval for easy adaptation in the fashion industry.
“The Pact team [has] developed a platform that can utilize natural collagen sources to create beautiful materials that have exceeded the strict requirements of the world’s luxury fashion houses. What’s more, they have a pathway to produce materials in a genuinely scalable way,” said ReGen Ventures managing partner Dan Fitzgerald.
Ding cofounded Pact in 2020 with Niels Ramsay, who currently serves as chief operating officer. The company hopes scaling and adoption of the material will offer an alternative for brands to reduce their environmental footprint due to the carbon emissions from the leather industry.