Darmstadt, May 25, 2022 - Darmstadt-based startup Revoltech GmbH signs a joint investment agreement with b.value AG, BMH Beteiligungs-Managementgesellschaft Hessen mbH and HEAG Holding AG. Revoltech is developing an innovative and sustainable leather substitute made from purely plant-based material with the product name LOVR. The seven-figure seed investment is intended to advance the development of the operating business.
Revoltech was founded in 2021 by Lucas Fuhrmann, Julian Mushövel and Montgomery Wagner and is a spin-off from the TU Darmstadt. The company's goal is to develop and market a sustainable leather substitute with the product name LOVR. LOVR stands for "leather-like-without-plastic-vegan-residue-based." The plastic-free and purely plant-based alternative to the animal-based product not only looks like leather, but also feels like it. It is made with a unique technology using agricultural residues and purely plant-based additives. The textile is recyclable and biodegradable. Translated with www.DeepL.com/Translator (free version)
Lucas Fuhrmann had the original idea for the product after an internship at a fashion company known for its fair and green products. After realizing that much of the purported sustainability is often greenwashing, he began researching alternatives for leather that did not use chemicals or plastic. The result is LOVR, whose manufacturing process uses residual materials from hemp grown in Germany. It also requires only 0.3% of the CO2 emissions produced by conventional leather manufacturing.2"Our breakthrough technology ensures that we can produce LOVR with a minimal carbon footprint. Our material will play an important role in the fight against climate change and for the preservation of our ecosystems," affirms Julian Mushövel, Co-Founder & CTO.
The seed investment will be used to develop operations and expand production of the revolutionary textile. "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 & COO, is also excited about the prospects offered by the investment: "With this seed round, we are financing our market entry. The next two years will be about making the step from lab to industry. We are pleased that b.value, BMH and HEAG are supporting us in this endeavor."
Peter Kallien, CEO of b.value AG, stated, "We are pleased to support Revoltech GmbH in its mission to revolutionize the leather market with its sustainable leather alternative LOVR, which is based on a strong and scalable technology foundation and a highly competent and enthusiastic founding team."
"LOVR has developed the first truly sustainable alternative to leather and is thus making a major contribution to a resource-conserving leather and textile industry," Helge Haase, responsible investment manager at BMH, is convinced. "We see significant growth potential as the trend towards sustainable business has reached all industries and is here to stay."
Prof. Dr. Klaus-Michael Ahrend and Dr. Markus Hoschek, members of HEAG's Management Board, look to the joint future with confidence: "One of HEAG's main goals is to support start-ups that use innovative concepts to address ecological and social challenges. With its idea of sustainable alternatives to leather, Revoltech GmbH is a perfect fit for HEAG and HEAG Gründerfonds."
Revoltech GmbH develops, produces and distributes LOVR, a plastic-free and 100% plant-based alternative to leather made from hemp fibers. The company's goal is to transform the leather industry by introducing a truly sustainable material made from agricultural waste. Production is based on the principles of the circular economy and does not use chemicals. www.madewithlovr.com
b.value AG not only invests as an early-stage investor in the fields of synthetic biology and advanced materials, but also actively supports its portfolio companies in their development with the unique "b.value Company Building" approach: The portfolio companies benefit from the high technological expertise and operational experience of the b.value team. The management team has more than 40 years of experience in founding, managing and developing technology companies and commercializing biotechnological developments. In addition, they benefit from the concentrated experience of the supervisory board and the broad network of b.value AG. www.b-value.de
Beteiligungs-Managementgesellschaft Hessen mbH ("BMH"), based in Wiesbaden, was founded in 2001 and is a wholly owned subsidiary of Landesbank Hessen-Thüringen Girozentrale (Helaba). Through Wirtschafts- und Infrastrukturbank Hessen (WIBank), BMH Hessen is actively involved in the economic development activities of the State of Hesse. As a medium-sized investment and venture capital company, BMH bundles public investment interests and financing instruments for early-stage, growth and medium-sized companies in Hesse. BMH currently manages seven investment funds with an invested investment volume of around 125 million euros. Since its foundation, BMH has invested over 250 million euros in a total of more than 500 companies. Investment focuses include the software & IT, life sciences, mechanical and plant engineering, industrial goods, professional services and e-commerce sectors. www.bmh-hessen.de
HEAG is the holding and management company of the HEAG Group. It is also the investment management company of the City of Darmstadt. HEAG supports the economic participations of the City of Darmstadt and anchors the city's objectives, especially in the case of the approximately 110 majority shareholdings. HEAG is the central advisor to the city of Darmstadt in all economic matters relating to municipal companies. www.heag.de
Dr. Georg Lentzen (Managing Director)
Peter Kallien (Managing Director)
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