EVOCO Ltd raises CAD $12M in series B funding to scale its plant-based materials platform and support its consumer goods partners in migrating to sustainably sourced feedstocks
Toronto, March 27th – Evoco Ltd., a leading research and development company focused on creating sustainable plant-based materials, announced today a successful Series B funding round of CAD $12 million. The investment was led by Circular Innovation Fund- (CIF) – a fund jointly managed by European-based Demeter and North American-based Cycle Capital, joined by new investor Export Development Canada (EDC), and return investor The Stewart Group Limited (SGL).
“We are delighted to contribute to Evoco’s expansion via the Circular Innovation Fund managed by Cycle Capital and Demeter as they continue to leverage agricultural and plant-based feedstocks to create smarter and cleaner consumer products that will bring sustainable solutions to various consumer goods and industrial markets.” said Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital. “As businesses look to cater towards a growing sustainability-focused consumer base, Evoco’s solutions will help businesses produce more environmentally friendly products in the years ahead.”
Founded in 2017, Evoco develops and commercializes high-performance, low-impact materials for a range of partners looking to mitigate their reliance on fossil fuel. “Evoco was founded to create innovative material solutions by harnessing the power of plants, as we believe plants can be the number one source in removing and mitigating the use of oil in any value chain we are using as human beings today” said Evoco CEO and founder Jason Robinson.
The company’s flagship technology, FATES®, a patented eco-foam boasting an industry-leading 80% plant-based content, can be adapted to a wide range of applications and is readily scalable. Evoco has initially partnered with established brands in the footwear industry such as Vans, Keen, and Timberland.
“Evoco has had remarkable growth and innovation breakthroughs in accelerating the adoption of plant-based materials with their global partners” said The Stewart Group CEO, Bill Morris. “At The Stewart Group we seek out progressive technologies that make a meaningful difference in our daily lives. Our further investment in Evoco is a testament to our shared vision of enabling industries to create sustainable products and reduce their environmental footprint.”
Evoco recently opened its own production facility in Vietnam to meet its global customers’ demand and this new funding will accelerate its operational footprint expansion globally. The company will also be embarking on new partnerships with leading material manufacturers to further support its diversification.
In addition, this funding round will allow Evoco to extend its materials innovation offering, providing solutions including leather alternatives, plastics, 3D printing, and allowing the company to enter additional verticals such as furniture, automotive, bedding and fashion.
“EDC is pleased to support Evoco’s latest round of funding, as the company expands its suite of innovative and sustainable solutions to a global audience,” said Lissa Bjerkelund, Vice-President, Investments and Mid-Market Lending at EDC. “The company’s impressive growth is attributed to its positive impact in the sustainable materials sector, and in particular, reducing the environmental harm in the manufacturing process of everyday items. Evoco’s growth trajectory positions them as a global leader in sustainability, and with this investment we look forward to their continued success in the years ahead.”
As a result, Ben Forcier, Senior Partner at Circular Innovation Fund joins Evoco Ltd.’s Board of Directors.
About Evoco Ltd.
Evoco Ltd is a global innovation company founded to close the loop on unsustainable goods, for good. Harnessing the power of nature, Evoco leverages its plant-based chemistry platform to create scalable novel materials to help its brand partners develop the next generation of high-performing, low carbon products, with minimal impact at end of life. Starting with footwear, Evoco’s solutions have been adopted by a variety of global brands, such as Vans, Kodiak, Bared, Timberland and Keen.
Through an expansive innovation roadmap led through our R&D center in Toronto, Canada, Evoco is expanding its material solutions to positively impact everything we walk on, sit on, drive in and sleep on.
To learn more, please visit: evocoltd.com
About Circular Innovation Fund
The Circular Innovation Fund (“CIF”) is a global venture capital fund focused solely on circular innovation. It is a joint venture between leading cleantech capital managers – Paris-based Demeter and Montreal-based Cycle Capital. The fund invests in growth-stage companies from North America, Europe and Asia developing breakthrough new materials, circular packaging, recycling and waste innovations, logistics, as well as eco-efficient processes & design, and circular business models.
For more information on the Circular Innovation Fund, visit: circularinnovationfund.com
About The Stewart Group Limited (SGL)
The Stewart Group Limited is a 125-year-old privately held company with a global presence. From its head office location in Markham, Ontario and facilities in North America, Europe, and Asia, SGL provides its global customers with a wide array of quality products and services, including footwear and footcare products, odor-controlling technologies, and gels used in the protection of fiber optic and structural cables.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
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