Berlin-based startup Made of Air raises €5m seed round to make thermoplastics for Audi, H&M Group and other companies
Made of Air, the carbon negative materials startup that turns wood waste into thermoplastics, announced a €5 million in seed funding. The round was led by Norwegian sustainability-focused family fund, TD Veen with participation by Patrick Pichette (former CFO of Google and Chairman of the Board of Twitter), EQT Group, Thomas Von Koch (CEO and cofounder of EQT Group), Tuesday Capital, the Co-Founders of Pexip, and Olympic gold medalist skier, Aksel Lund Svindal.
Allison Dring, CEO and Co-founder, Made of Air: "Made of Air's core purpose is to reverse climate change. Negative emissions technologies are urgently needed to reach our global climate targets and I am thrilled to be building this important material. Made of Air has created a technology that leverages the carbon sequestration potential of biochar into a new material resource -effectively turning manufactured goods into carbon sinks. This funding round is a vital step in instituting this technology in manufacturing at scale and a momentous step in our mission."
Made of Air's material is already being used in a range of applications. Recently, Made of Air delivered a large-scale installation of facade panels for Audi's flagship dealership using material that has permanently captured atmospheric CO2. Made of Air has also partnered with H&M Group to create sunglasses and is currently exploring other projects that integrate Made of Air materials within H&M Group's supply chain. In addition to Audi and H&M Group, Made of Air has partnered with a major US furniture manufacturer and has several more projects with major global brands slated to launch in the near future.
Kjell Skappel, CEO, TD Veen: "We are really impressed by what Allison, Daniel, and the rest of the Made of Air team has accomplished to date and are proud to have led the round. We are convinced that the demand for carbon negative materials will grow substantially in the foreseeable future as industries look to lower their carbon footprint and future proof their supply chains."
Patrick Pichette, Partner, Inovia Capital: "With my personal experience in the forestry industry, it is clear that Made of Air's potential for impact at scale is immense given the volume of feedstock materials available."
Over the coming months, Made of Air will significantly expand production capabilities by bringing a new factory online, scaling the team with additional hires in R&D, product, and business development, announcing additional partnerships with global brands, and continuing to research and develop carbon negative materials.