Evolved By Nature, a company developing a library of Activated Silk molecules, has announced it has closed a 120 million dollars Series C funding round, led by Teachers' Venture Growth and Senator Investment Group.
The financing also had participation from Chanel, as well as Mousse Partners, Jeff Vinik and The Kraft Group, previous investors in the firm.
The company produces Activated Silk molecules from natural silk protein, developing renewably sourced sustainable chemicals and bioactive ingredients that can be used throughout apparel and personal care products.
The financing will support Evolved By Nature’s commercialisation of its Activated Silk tech platform, which hopes to move markets away from fossil fuels and synthetics.
It further coincides with the opening of the company’s new full-scale manufacturing facility, which it said will increase production volumes to 900 metric tons per year.
Over the past year, the Boston-based firm has signed on a number of fashion brands looking to adopt its high-performance finishes, including Anya Hindmarch and nylon mills, Apex Holdings and Alpine Creations.
“We’ve crossed a critical planetary boundary,” said Greg Altman, CEO and co-founder of Evolved By Nature, in a release. “Overuse of fossil fuel-derived petrochemicals has altered the biochemistry of the human body and the planet’s life support systems.”
Altman continued: “With TVG’s support, we can now reimagine new therapeutics and global supply chains that foster healthier relationships between industries and ecosystems, focusing first on skin treatments and high-performance coatings for leather and apparel."