As per ESG Today, New York-based UNCAGED was founded by CEO Stephanie Downs and CTO Dr. Xiaokun Wang in 2020 with the purpose to turn grains into a sustainable alternative to leather. The company's team of experts say that the production process releases 95% fewer greenhouse gas emissions, while using 93% less water, compared to traditional leather manufacturing. Additionally, the process is 72% more energy efficient, while the end materials are also plastic-free.

Stephanie Downs, CEO and Co-Founder of UNCAGED Innovations, said that "the tide has turned aggressively toward materials that are sustainable, and we plan to capture that momentum. This funding round brings UNCAGED another step closer to achieving our ultimate goal of disrupting every industry that relies on leather."

Green Circle Foodtech Ventures and Fall Line Capital led the funding round, which follows another 2 million USD pre-seed financing received last year.

Stu Strumwasser, Founder and Managing Director of Green Circle Capital, added that "what UNCAGED Innovations has achieved with its grain-based technology is a significant breakthrough in an industry that has long awaited a breakout innovation. The opportunity is enormous, and we believe that their ability to provide a high-quality material that is scaled and price competitive is a game changer."