H&M Group, Fashion for Good invest in next-gen materials firm AltMat

Core Insights - AltMat has secured investments from H&M Group, Fashion for Good, Rainmatter by Zerodha, and Turbostart, indicating strong backing for its sustainable textile innovations [1][4] - The company has developed Altag, a natural cellulose fiber made entirely from agricultural residue, which matches the performance of conventional fibers while significantly reducing environmental impact [1][2] - AltMat aims to expand grassroots supply chains for Indian farmers, enhance research and development, and broaden its global market presence with the new funding [2][4] Investment and Growth - The recent investment round is seen as a pivotal moment for AltMat, highlighting the increasing global demand for sustainable alternatives to traditional materials [3] - AltMat has successfully scaled its technology from laboratory to industrial capacity within five years, demonstrating its capability to deliver innovative solutions at scale [2] - H&M Group views its investment in AltMat as a means to transform sourcing practices in the fashion industry, emphasizing the potential benefits for the entire sector [4]