The growth capital investment will be used to expand E-Leather into international markets according to ETF, which said thousands of tonnes of leather are discarded to landfill each year due to inefficient trimming.
E-Leather CEO Chris McBean said, “E-Leather’s patented process uses these unwanted offcuts to produce a material that is almost indistinguishable to the passenger from traditional leather but has superior properties.”
ETF partner Patrick Sheehan said, “We have been impressed by the team at E-Leather, and by all the things they are doing to create a great company based on unique technology.
“They have already done a fantastic job to make E-Leather the upholstery material of choice for the airline industry.
“E-Leather is poised to become an industry standard in other market sectors and we believe that the company has huge global potential.”
London-headquartered ETF completed a $100m first close for its second fund in September last year.
LPs in the first close include the European Investment Fund, European pension funds, financial institutions, corporate investors and family offices.
The firm which typically invests between $5m and $15m per transaction, targeting investments in companies which have a positive environmental impact.
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