Bucha Bio Oversubscribes $550K Raise to Scale Production of MIRAI™ Biotextile
NEW YORK, Oct. 20, 2021 /PRNewswire/ -- BUCHA BIO INC. oversubscribed to raise $550K as part of the New York-based company's latest fundraising. Investors include New Climate Ventures, Beni VC, Lifely VC, QKZ Design, MicroVentures, and angels Cary Pinkowski, Nicholas Valeriano, and Fiona and George Sobek.
Founded in 2019 and a graduate of SOSV's IndieBio program, Bucha develops novel biomaterials from fermented bacterial nanocellulose and plants. The company designs next-generation materials with applications in textiles, packaging, and even hard construction materials. An expansive library of plant-based formulations combined with a proprietary consortium of bacteria enables the biotechnology company's innovations.
This round of funding allows their team to scale production of their signature luxury biotextile, MIRAI™, inspired by the Japanese word "future" and the Italian phrase "look with emphasis". Available for reservation now, MIRAI™ allows brands to cut and sew sustainable materials into their designs, further pushing the fashion industry away from petrochemical and animal products.
"We are excited to partner with Bucha Bio as they advance the fashion and sustainable materials industry with their innovative and eco-friendly biomaterials, furthering our portfolio-wide mission of carbon reduction and removal across the globe" said Managing Partner of New Climate Ventures, Eric Rubenstein.
According to the Material Innovation Initiative, nearly all (94%) US consumers are interested in purchasing next-gen materials, and 38 out of 40 fashion brands are actively searching for them. The fashion industry is only a fraction of the total materials market but creates up to 10% of global greenhouse gas emissions. If left unchecked, textile production will take up more than a quarter of the global carbon budget by 2050. By scaling breakthrough biotextiles like MIRAI™ without compromising sustainability, Bucha's team is dedicated to making the best materials on earth, and leaving the world better than we found it.
SOURCE Bucha Bio Inc.
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