Evolved By Nature, backed by Chanel, closes $120 million funding round
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Evolved By Nature, the Chanel-backed biotech silk startup, raised $120 million in a Series C funding round, its largest yet.
The company will use the money to commercialize its key product, Activated Silk, a natural silk protein in liquid form that can be used to replace harmful chemicals in leather and textile production and in skin care products. skin. It also plans to increase production from 150 to 900 metric tons of activated silk per year through its new manufacturing facility, advance global sales and launch new ingredients that use activated silk to improve the skin barrier.
The investment was led by Teachers’ Venture Growth (TVG), a fund that is part of the Ontario Teachers’ Pension Board and the $242 billion Senator Investment Group, as well as as existing investors Mousse Partners, the Wertheimer family’s investment firm, which owns Chanel, Jeff Vinik, The Craft Group, Roy Disney and Emerald Development Managers.
Evolved by Nature is part of a growing fashion effort to rework materials to eliminate chemicals. With greater production capacities, it can expand its partnerships with fashion brands. Accessories brand Anya Hindmarch has used activated silk in a collection of handbags to coat leather to protect against water damage – a process that normally uses a chemical called polyurethane, which can inhibit the ability leather to be biodegradable.
“We have crossed a critical planetary boundary. Excessive use of petrochemicals derived from fossil fuels has altered the biochemistry of the human body and the life support systems of the planet,” said Dr. Greg Altman, CEO and co-founder of Evolved By Nature. “With TVG’s support, we can now reinvent new therapies and global supply chains that drive healthier relationships across industries and ecosystems, focusing first on skin treatments and high-tech coatings. performance for leather and garments.”
Last year, the company closed a $70 million Series B funding round led by Mousse Partners, the investment firm of the Wertheimer family, owners of Chanel. At the time, the company had raised $91 million to date and expected to break even by 2024.
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