Revoltech closes a seed round for LOVR Alt leather made from recycled hemp waste – vegconomist
German startup Revoltech announces it has closed a seven-figure funding round for a leather substitute LOVR, made from hemp fibers from leftover CBD products. The funds will help bring the 100% biodegradable, plastic-free and climate-neutral material to market.
“Our material will play an important role in fighting climate change and preserving our ecosystems.”
LOVR stands for ‘leather-like-without plastic-vegan-residue-based’ and was developed with the aim 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, founded in 2021 by Lucas Fuhrmann, Julian Mushövel and Montgomery Wagner, has signed a joint investment agreement with b.value AG, BMH Beteiligungs-Managementgesellschaft Hessen mbH and HEAG. The initial seven-figure investment will be used to expand operations and expand production of the sustainable textile.
Revoltech says: “We use waste and turn it into something new. LOVR’s journey begins in a field, more specifically with a hemp plant. It is grown for CBD products. We use crop waste as the basis for LOVR. Our trusted agricultural partners provide 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.
“We use waste and turn it into something new”
According to Julian Mushövel, co-founder and CTO: “Our breakthrough technology allows us to produce LOVR with a minimal carbon footprint. Our material will play an important role in the fight against climate change and the preservation of our ecosystems.
Entry into the financing market
“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 and chief operating officer, said, “With this funding round, we are financing our entry into the market. The next two years will consist of moving from the laboratory to the industry. We are delighted that b.value, BMH and HEAG are supporting us in this endeavour.
Peter Kallien, CEO of b.value AG, added: “We are delighted to support Revoltech GmbH in its mission to revolutionize the leather market with its sustainable leather alternative LOVR, which is based on a solid and scalable technological base and a team highly competent and enthusiastic founding team.
“LOVR has developed the first truly sustainable alternative to leather and thus makes a major contribution to a resource-efficient leather and textile industry,” comments Helge Haase, Head of Investments at BMH. “We see significant growth potential as the trend towards sustainable businesses has reached all industries and is here to stay.”