The Massachusetts-based company, founded in 2013, plans to use this late-stage funding to scale up production of a silk protein that replaces petrochemicals in skincare and fabrics.
Evolved By Nature presents its product “active silk” as a natural protein from silkworm cocoons, in liquid form.
According to a recent Business of Fashion report, fashion companies are scrambling to improve their environmental record in order to meet the United Nations’ Sustainable Development Goals.
Evolved By Nature manufactures biodegradable liners used in luxury handbags and fast fashion apparel, including sports bras and underwear, and sells its products to leather tanneries, fabric mills and brands. fashion like Anya Hindmarch.
Coatings are expected to generate 30% of its sales by the end of 2024.
The coatings on the leather serve as waterproofing, while the treatments for the polyester and nylon serve to wick away moisture.
“The consumer is embracing care without petrochemicals,” said Reuters Greg Altman, co-founder and chief executive of Evolved By Nature.
“We tackled the fabric produced in higher volume – and how to remove the chemical coatings from the fabric,” he added, explaining the focus on polyester and nylon.
While tanners and brands in the leather industry jointly seek to develop natural products, they may be more difficult to sell to the textile industry, Altman said.
“In textiles, the conversation is about performance and price, not durability,” he said. “We need to offer competitive prices compared to petrochemicals.”
In skincare, which will make up the bulk of revenue, the company plans to develop products to sell direct to consumers later this year, in addition to sales to major consumer product groups, Altman said.
The financing round was led by the Ontario Teachers’ Pension Board and the Senator Investment Group. Other backers include Chanel and Chanel-affiliated private investment firm Mousse Partners, as well as US investor Jeffrey Vinik, who previously managed the Fidelity Magellan fund.