Evolved By Nature Raises $120M Series C, led by Teachers’ Venture Growth, to Scale Activated Silk™ Technology and Operations
Financing coincides with the launch of the biotechnology company’s first full-scale production facility, which will ramp up production volumes to 900 metric tons of Activated Silk™ per year.
Boston, MA | June 30, 2022 Evolved By Nature, the company creating a proprietary library of molecules from natural silk protein, announced today it closed $120M in Series C financing to accelerate development and commercialization of Evolved By Nature’s Activated Silk™ molecules and fund the completion of its state-of-the-art production facility. The round was led by Teachers’ Venture Growth (TVG), part of the C$242 billion Ontario Teachers’ Pension Plan Board, and Senator Investment Group, with participation from existing investors including Mousse Partners, Jeff Vinik, The Kraft Group, Roy Disney and Emerald Development Managers.
Evolved By Nature has unlocked the potential of natural silk protein to eliminate reliance on petrochemicals starting in personal care, leather and apparel industries and expand the boundaries of regenerative medicine – addressing the need for renewably-sourced, next-generation bioactive ingredients, therapeutics and sustainable chemicals that advance human health, product performance, and the circular economy.
“By harvesting nature’s most powerful chemistry, we are advancing health and a healthier relationship between industries and ecosystems,” said Dr. Greg Altman, CEO & Co-Founder of Evolved By Nature. “Natural silk protein has evolved over millions of years, and we can finally make it available to sustainably enhance the performance potential of – essentially – anything with a surface. And TVG’s support allows us to focus our commercialization efforts on the treatment of skin while making Activated Silk molecules accessible for limitless applications.”
“We believe there is vast unlocked potential in utilizing silk protein to produce innovative and sustainable products of a high quality that will advance the health of people and the planet,” said Olivia Steedman, Executive Managing Director, TVG. “Evolved By Nature has a compelling vision to break through new scientific boundaries to reduce our reliance on problematic chemicals and build better, more sustainable supply chains in the process. We’re delighted to partner with them in executing this vision and growing their operations globally.”
This financing progresses research and the launch of Activated Silk™ bioactive molecules –promising powerful skin barrier enhancing ingredients and treatments in both brand-owned and third-party personal care products, which may serve as natural replacements to fossil fuel derivatives like petrolatum and harsh, irritating ingredients like retinoids.
The funding also advances Evolved By Nature’s natural, biodegradable Activated Silk™ technology for sustainable, high-performance leather and textile finishes, which in the last year have been adopted by fashion brands including Anya Hindmarch, nylon mills including Alpine Creations and Apex Holdings, and leather tanneries including Richard Hoffmans GmbH & Co. KG, Cyclica Srl and Curtidos Bengala.
This financing also supports Evolved By Nature’s newly-minted, full-scale production facility in Walpole, Massachusetts, which opened in May 2022 and currently produces 150 metric tons of Activated Silk™ per year – a 500% increase in capacity from 2021. At full operation, the facility will be able to generate 900 metric tons of Activated Silk™ per year in 2024. Based on Evolved By Nature’s calculations, this would represent 900M jars of petrochemical free skincare, 150M square feet of biodegradable, polyurethane-free leather, sustainable finishing chemistry for 195M pieces of performance apparel, or a replacement for 7,200 metric tons of non-biodegradable petrochemical surfactants regularly washed into waterways via skin cleaning products.
Citigroup acted as sole placement agent on this transaction. Nixon Peabody represented Evolved By Nature.
About Evolved By Nature:
Founded in 2013 in Boston, MA, Evolved By Nature is a biotechnology company that creates renewably sourced solutions to human health needs. Activated Silk biotechnology leverages natural silk protein to create sustainable molecules with potential to protect, repair, and enhance the barrier function of anything with a surface. Enabling the next generation of products that advance the health of people and the planet, Evolved By Nature has unlocked applications for Activated Silk biotechnology within textiles, personal care, aesthetic and medical treatments, therapeutics and more, with limitless possibilities. www.evolvedbynature.com
About Teachers’ Venture Growth
Teachers’ Venture Growth (TVG) focuses on late-stage venture and growth equity investments in cutting-edge technology companies worldwide. We partner with founders with bold missions, looking to expand their product offering, scale geographically, and become the leaders in their markets. We bring long-term thinking and active investing to help build better businesses and a better world. We think globally and act locally through our direct presence in San Francisco, Toronto, London and Hong Kong.
TVG is part of the Ontario Teachers' Pension Plan Board (Ontario Teachers'), a global investor with net assets of C$241.6 billion as of December 31, 2021. We invest in more than 50 countries in everything from equities to real estate to infrastructure and venture growth, to deliver retirement income for 333,000 current and retired teachers in Ontario. With offices in Hong Kong, London, San Francisco, Singapore and Toronto, our more than 350 investment professionals bring deep expertise in industries ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.7% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in.