ProjectEx, a lab-grown exotic leather manufacturer based in Singapore, said that it aims to raise $1 million for its pre-seed round in order to revolutionize the luxury market with exotic leather that is sustainable and cruelty-free.
Dr. Viknish Krishnan-Kutty, the chief executive officer of Cellivate Technologies, and Adrian Furstenburg, the company’s founders, announced in a statement that they are raising their pre-seed round of $1 million.
With the money, ProjectEx will be able to assemble a core group of professionals and create pieces of leather made from animal skin as their minimal viable product (MVP).
After receiving the Pre-Seed funding, the company anticipates releasing its first exotic leather sheets within 18 to 24 months. After that, scaling and commercialization will happen.
An exclusive collaboration between Singapore-based handbag designer Adrian Furstenburg and deep-tech startup Cellivate Technologies has led to the launch of ProjectEx in that country.
“At ProjectEx, our goal is to change the way luxury products are produced and starting with that, have an impact on the rest of the notoriously wasteful fashion industry,
“Our vision is to create luxury without cruelty, and by using our technology, we know that this is possible,” said Dr Krishan-Kutty.
“We are thrilled to have started our round of pre-seed funding and potential investors are just as excited to come on this journey with us,
“ProjectEx is not only developing skin, but reducing the environmental impact through innovative ways of tanning, coloring, and finishing the product,” he added.
In the international market, ProjectEx is pioneering new territory. The company is specializing in exotic leathers using its own proprietary technologies, unlike other cell-based leather businesses.
“As a designer who works with leather, I know firsthand the impact that the industry has on the environment and animal welfare,
“Sustainability is not just a buzzword anymore – it’s an urgent need,
“The luxury market, which has often been criticised for its environmental and social impact, is recognizing this and making efforts to move towards more sustainable practices,” said ProjectEx’s Co-Founder Adrian Furstenburg.
He claimed that as consumers become more conscious of the consequences of their decisions, they are asking for more ethical and environmentally friendly goods.
According to him, those who are prepared to innovate and adjust to the changing needs of the planet will control the future of luxury.
According to the statement, ProjectEx is already in discussions with top luxury brands belonging to the LVMH, Kering, and Richemont groups, and they have expressed a significant level of interest.
The company’s advisory board includes business leaders like Stanislas de Quercize, a former global chief executive officer of Cartier and current board member of luxury retailer Christian Louboutin, and Albert Koh from the Koh family, who sold Heng Long tannery to LVMH.
Dr. Viknish Krishnan-Kutty, the founder of Cellivate Technologies, and Adrian Furstenburg, the renowned creator of the eponymous luxury leather goods company, are the minds behind ProjectEx.
These business experts have started working on a tech-driven approach to producing lab-grown leather because they share a passion for sustainability and fusing science and technology with luxurious designs.
The brand’s exclusive lab-grown leather provides a healthy and moral substitute for conventional leather. There is no need for animal slaughter because it is produced using a combination of biotechnology and synthetic biology.