We are ecstatic to announce that in August, we closed our Seed Round of funding for an oversubscribed amount of $1.1 million. We started this round in the spring to raise money for our laboratory and office construction, the scaling of materials through the purchase of our first lab-scale extruder and initial runs at third-party toll manufacturers, and the expansion of our team.
“I was looking to create a brand in the fashion space but couldn't find any materials that aligned correctly with my sustainable values and plant-based lifestyle.” Zimri T. Hinshaw (CEO)
We are incredibly thankful to all our new and existing investors who have supported us. Investors in this round include existing partners New Climate Ventures, Lifely VC, and Beni VC, accompanied by new partners Prithvi VC, Asymmetry VC, Overlap Holdings, and investors from the Glasswall Syndicate, including Alwyn Capital, as well as Chris Zarou, CEO & Founder of Visionary Music Group and manager of multi-platinum Grammy-nominated rapper, Logic. Zarou emphasized his excitement, saying, "I'm excited to back BUCHA BIO's amazing early market traction. Their next-gen biobased materials are game-changing, and their goals align with my personal vision for a more sustainable future within the entertainment industry and beyond."
Next-gen materials, including biomaterials, have seen an increased level of interest from investors who have poured $2.3 billion into the sector since 2015, according to industry organization Material Innovation Initiative. Eric Rubenstein, Founding Managing Partner at New Climate Ventures, also recognizes the increased interest, "The time for rapid growth for biomaterials is now. BUCHA BIO's team and technical development are advancing hand in hand with the demands of brand partnerships, and we are excited to support them as they capitalize on this global opportunity." New Climate Ventures has supported BUCHA BIO's growth, especially the addition of several new hires, including Baher Sabet – Supply Chain & Operations Lead – and Ivana Pozzan – Materials Science Technician.
Ivana, who recently transitioned from intern to full-time team member, says, "Climate change is a reality. By now, we are all aware that if we don't do anything about it, the world will come to the point of no return. As an undergraduate, I came to the quick understanding that we must work together if we want to change that scenario, and I decided that I wanted to be a part of that change. That is the reason why I jumped at the opportunity to be a part of Bucha Bio. A company that is driven to make the world a better place by delivering quality luxury goods and that keeps pushing the envelope. Politics are changing, and more and more businesses are shifting towards greener alternatives to their consumers' needs, which makes an auspicious time for a biomaterials company."
Ivana is not the only one interested in BUCHA BIO's environmentally sustainable position. "Prithvi Ventures invested in Bucha Bio to help them achieve gigaton scale GHG emissions reduction, using a price parity roadmap." said Kunal Sethi. Bucha Bio's commitment to sustainability is a key reason why brand partners collaborate with us, stemming from consumers who want to buy products that resonate with their morals.
Bucha Bio is familiar with building a product based on ethics. Our CEO & Founder created the company after failing to find a suitable leather alternative that aligned with his plant-based lifestyle. Zimri explains, "I was looking to create a brand in the fashion space but couldn't find any materials that aligned correctly with my sustainable values and plant-based lifestyle. After surveying other students at Temple University, mentors, and staying up all night researching online, I realized that this rising cultural change was culminating in a massive opportunity to enable sustainable materials solutions for brands."
As of today, Zimri has taken the company through three VC-backed funding rounds, raising a total of $1.9 million.
Up next is a Series A with active raising in 2023!
If you have any questions or comments on our fundraising strategy, please contact Zimri at zimrihinshaw@bucha.bio or visit our PARTNERSHIP page.
