In its latest funding round, next-generation materials firm AltMat has secured investment from the H&M Group, marking the Swedish fashion retailer’s first venture into innovative solutions from India.
In addition to H&M Group, AltMat has attracted financial backing from the global sustainability initiative Fashion for Good, the Indian fintech and health fund Rainmatter by Zerodha, and venture capital firm Turbostart.
AltMat’s natural cellulose fiber, Altag, is derived entirely from agricultural byproducts, specifically the leftover stalks of food crops. This innovative material is designed to match the performance of conventional fibers while significantly minimizing environmental impact.
The company has reported that, over the past five years, it has advanced its technology from laboratory testing to pilot programs and now to industrial-scale production, successfully establishing value chains and gaining international recognition for its groundbreaking methods.
AltMat stated, “This combination of scientific innovation, execution, and market validation has made AltMat a great choice for leading global and Indian investors looking to accelerate sustainability in textiles and beyond.”
The new investment will enable AltMat to enhance supply chains for Indian farmers, bolster research and development efforts, and broaden its reach in international markets, further pushing the boundaries of sustainable textile innovations.
The company views this achievement as a “significant moment in AltMat’s journey, reinforcing the growing global demand for innovative alternatives to conventional materials and AltMat’s leadership in creating natural products from agricultural waste.”
Laura Coppen, investment manager at H&M Group’s New Growth & Ventures division, commented: “Investing in AltMat is not just about supporting material innovation; it’s about facilitating a transformation in how our industry sources materials at scale. We see tremendous potential in AltMat’s solution to benefit not only our company but the entire fashion sector as it moves towards a more sustainable future.”
Shikha Shah, founder of AltMat, emphasized: “Our journey has encompassed everything needed to create a significant shift in longstanding industries like agriculture and textiles. We are grateful for all the support and are thrilled to welcome remarkable investors who believe in our mission and its potential. With Rainmatter, Turbostart, H&M Group, and FFG’s unmatched expertise in scaling innovation and accessing the industry, we are now entering the next phase of our advancement—moving forward and upward in the realm of sustainable textile innovations.”
