Modern Meadow secures 130 million dollars in Series C funding

Modern Meadow, a specialist in biofabrication, has secured 130 million in Series C funding and has appointed Anna Bakst as CEO. Bakst was previously chair of the board for Modern Meadow. She succeeds Andras Forgacs, who served as CEO of the company since the business was founded 9 years ago. Forgacs will continue to serve as board director.

“It has been a privilege to have led Modern Meadow from early development to the cusp of commercialization,” said Forgacs in a statement. “I am excited to welcome Anna as she builds upon our shared vision to leverage innovations in biology to create the next generation of sustainable materials.”

Modern Meadows has made a name for itself because its biofabrication technology is seen as an alternative to fossil fuel-based textile coatings. The company is best known for its lab-grown leather, which has developed interest from fashion brands who are looking to reduce their environmental impact but struggle to produce commercial-scale technology.

“As the chair of the board, it has been inspiring to watch Modern Meadow execute at the forefront of biofabrication and biotechnology. I am honored to work alongside our team as we lead a coalition of environment-focused partners seeking to embrace innovation and drive progress for climate responsible choices. We’ve developed a technology platform with nature that can save nature,” said Bakst in a statement. “The heart of our company will always be research and innovation. We’ve now reached an inflection point where products built on our platform can beat industry standards on quality and value. I’m excited to work with our team and partners to bring those products to market.” 

Bakst brings over 25 years of experience building and leading teams for American fashion houses. While on Modern Meadow’s board of directors, Bakst served as brand president and CEO of Kate Spade. From 2003-2016, as group president, she drove the expansive launch and growth of the Michael Kors accessories and footwear businesses. Prior to Michael Kors, Bakst led the Licensing, Accessories, and Footwear Divisions over a 12-year tenure at Donna Karan International.

The latest round of Series C funding was led by Key Partners Capital with participation from Astanor Ventures, Horizons Ventures and Cape Capital. This brings the company’s total valuation to 184 million dollars.