Indian materials developer AltMat has closed a new round of financing. The company announced this on LinkedIn. The investors include big names, including the Swedish fashion group H&M, the investment funds Rainmatter by Zerodha and Turbostart, and the sustainable innovation platform Fashion for Good. In the latter case, AltMat began 14 years ago as part of a start-up program.
AltMat converts agricultural residues, also known as agricultural waste, into high-quality textile fibers. These are plant residues such as orange peels, hemp or linseed. According to the company, these would otherwise be burned. In a sustainable process about which the company has revealed little, the fibers are combined with materials such as cotton, modal, lyocell or recycled polyester. In terms of look and feel, the yarns most closely resemble cellulose fibers such as cotton.
Laura Coppen, who is responsible for sustainability investments at H&M Group, expressed her enthusiasm on LinkedIn. She particularly praised the collaboration with AltMat founder Shikha Shah. She described Shah as an inspiring entrepreneur. “When I first met her, I was immediately impressed by her determination, her boundless energy and her deep belief in what AltMat is already achieving. We are proud to be part of this investment round.”
With the new capital, AltMat wants to expand its collaboration with Indian farmers. In addition, research and development capacities are to be expanded and the global market position is to be strengthened. Shah, who responded to the post, sees the future as positive with a partner like H&M as her backing.
This article was created using digital tools translated.
FashionUnited uses artificial intelligence to speed up the translation of articles and improve the end result. They help us to make FashionUnited’s international reporting quickly and comprehensively accessible to a German-speaking readership. Articles translated using AI-based tools are proofread and carefully edited by our editors before they are published. If you have any questions or comments, please email [email protected]