Chanel-backed green chemistry company Evolved By Nature raised $120 million in Series C financing in a round led by Teachers' Venture Growth, part of the Ontario Teachers' Pension Plan Board, and Senator Investment Group.

WHO: 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 the 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.

WHY: This financing will accelerate the commercialization of the Activated Silk technology platform, which will move global markets away from dependence on synthetics and fossil fuel derivatives and expand the boundaries of regenerative medicine. This financing will also advance global sales for Evolved By Nature's sustainable alternatives to the petrochemical coatings used by the leather and textile industries today. The funding will also progress the launch of promising, powerful Activated Silk skin barrier–enhancing ingredients in both brand-owned and third-party personal care products, which serve as natural replacements to fossil fuel derivatives like petrolatum and harsh, synthetic ingredients like retinoids.

IN THEIR OWN WORDS: "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."

"With this investment, we can now make our library of Activated Silk molecules available to global development partners," added Dr. Rebecca Lacouture, President, COO and co-founder of Evolved By Nature, "so, together, we can enhance the performance potential of—essentially—any surface."

"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 of 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."

DETAILS:

• Chanel-backed green chemistry company Evolved By Nature raised $120 million in Series C financing in a round led by Teachers' Venture Growth, part of the Ontario Teachers' Pension Plan Board, and Senator Investment Group, with participation from existing investors including Mousse Partners, Jeff Vinik, The Kraft Group, Roy Disney, Emerald Development Managers, and Chanel.
• The round coincides with the launch of Evolved By Nature's state-of-the-art, full-scale manufacturing facility, which will ramp up production volumes to 900 metric tons of Activated Silk per year.
• The company will launch its own petrochemical-free skincare brand, set to launch later this year, that will include a serum, face cream, and body products for ultra-sensitive skin.
• Last year the company closed a Series B funding round of $70 million led by Mousse Partners, the investment firm for the Wertheimer family who owns Chanel. According to Vogue Business, the company had raised $91 million to date at that time and said it expected to break even by 2024.
• In 2019, Chanel acquired a minority stake in the company as part of its strategy of developing sustainable materials.
• Citigroup acted as the sole placement agent on this transaction. Nixon Peabody represented Evolved By Nature.