Evolved By Nature, a biotech company backed by luxury fashion brand Chanel, has secured $120 million in its most recent funding round. The Massachusetts-based firm, established in 2013, plans to use the funds to further expand its production of “activated silk,” an eco-friendly alternative to petrochemicals in skincare and fabric industries.
The company’s “activated silk” is a natural protein derived from silkworm cocoons, offered in liquid form. It serves as a biodegradable coating for a range of products, including luxury handbags, fast-fashion garments like sports bras and underwear, and materials used in the leather sector. Evolved By Nature currently supplies its coatings to leather tanneries, fabric mills, and well-known fashion brands like Anya Hindmarch. It aims to increase the share of coatings in its overall sales to 30% by the end of 2024.
The growing demand for sustainability and environmentally-friendly solutions in the fashion industry has propelled companies like Evolved By Nature to develop innovative alternatives. As consumers become more aware of the environmental impact of their purchases, fashion companies face increasing pressure to improve their sustainability credentials. The fashion sector is striving to meet the United Nations’ sustainable development goals, according to a recent report by Business of Fashion.
Greg Altman, co-founder and CEO of Evolved By Nature, emphasized the rising consumer interest in skincare products free from petrochemicals. The company is particularly focused on eliminating chemical coatings from fabrics, such as polyester and nylon, which are widely used in the textiles industry. While the leather industry and brands are collaborating to develop natural alternatives, Altman noted that the textiles industry prioritizes performance and cost over sustainability. In order to compete with petrochemicals, Evolved By Nature aims to offer its products at a competitive price point.
In addition to its coatings business, Evolved By Nature plans to venture into the skincare market. The company aims to develop skincare products and sell them directly to consumers later this year, alongside its current sales to major consumer products groups. Altman predicts that skincare will make up the majority of the company’s revenue.
The recent funding round was led by the Ontario Teachers’ Pension Plan Board and Senator Investment Group. Other investors include Chanel, the privately-owned investment firm Mousse Partners affiliated with Chanel, and U.S. investor Jeffrey Vinik. Vinik, a former manager of the Fidelity Magellan Fund, joins Chanel as a prominent supporter of Evolved By Nature’s mission to revolutionize the fashion industry through sustainable biotech innovations.
Useful links:
– Evolved By Nature Official Website
– Business of Fashion: Sustainable Development Goals
