To receive the Vogue Business newsletter, sign up here.
Evolved By Nature, the Chanel-backed biotech silk startup, raised $120 million in a Series C funding round, its biggest to date.
The company will use the money to commercialise 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 skincare products. It also plans to ramp-up production from 150 to 900 metric tons of Activated Silk per year using its new manufacturing facility, advance global sales and launch new ingredients that use Activated Silk to enhance the skin barrier.
Evolved By Nature, the company behind Activated Silk, has raised $70 million in funding with backers including Mousse Partners. A new production facility is to come.
The investment was led by Teachers’ Venture Growth (TVG), a fund that is part of the $242 billion Ontario Teachers’ Pension Plan Board and Senator investment group, along with existing investors Mousse Partners, the investment firm for the Wertheimer family, which owns Chanel, Jeff Vinik, The Craft Group, Roy Disney and Emerald Development Managers.
Evolved by Nature is part of a growing effort in fashion to rework materials to eliminate chemicals. With bigger production capabilities, it can scale its partnerships with fashion brands. Accessories brand Anya Hindmarch has used the Activated Silk in a handbag collection to coat the leather to protect it against water damage — a process that normally uses a chemical called polyurethane, which can inhibit the leather’s capacity to be biodegradable.
“We’ve crossed a critical planetary boundary. Overuse of fossil fuel-derived petrochemicals has altered the biochemistry of the human body and the planet’s life support systems,” said Dr Greg Altman, CEO and co-founder of Evolved By Nature. “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.”
The company closed a Series B funding round of $70 million last year led by Mousse Partners, the investment firm for the Wertheimer family which owns Chanel. At the time, the company had raised $91 million to date and said it expects to break-even by 2024.
Comments, questions or feedback? Email us at feedback@voguebusiness.com.
More from this author:
Ganni is up for sale at $700 million valuation, per Reuters
British Fashion Council calls for “braver approach to hiring” amid lack of diversity
LVMH takes centuries-old artisan skills stateside with inclusive recruitment approach
