New funds to help Evoco chart a broader path forward
Plant-based materials developer Evoco, which counts footwear brands Merrell, Timberland, Vans, Kodiak, Cat, Keen and Ariat among its customers, has raised $8.85 million (CAD $12 million) in a series B funding round led by Circular Innovation Fund (CIF).
The Stewart Group participated as a return investor, joined for the first time by Export Development Canada. CIF senior partner Ben Forcier has joined its board of directors.
Toronto-based Evoco, which recently inaugurated a production plant in Vietnam, said the fresh funds would enable it to both advance its global expansion and diversify into new materials, 3D printing technologies and collaborations with “leading material manufacturers”. It also plans to step into additional verticals such as fashion, furniture and the automotive industry.
“Evoco was founded to create innovative material solutions by harnessing the power of plants,” commented its founder chief executive, Jason Robinson (pictured). “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.”
Investors variously cited Evoco’s track record of innovation and growth trajectory as reasons for their participation in the round. The company’s flagship material is a patented 80% plant-based foam called Fates.
Founder chief executive of Evoco, Jason Robinson. Credit: Evoco.
