Investing in Evoco: Innovative plant-based materials that reduce carbon emissions without compromising performance
By Benoit Forcier, Senior Partner at Circular Innovation Fund
Our Circular Innovation Fund (CIF) team first learned about Evoco from an online article about CEO Jason Robinson’s goal to enhance sustainability in the footwear industry using plant-based materials. At CIF, we identify innovative materials opportunities that help address the global waste crisis and alleviate the depletion of natural resources, and whose underlying proprietary technology is applicable in many use cases and multiple industries.
As Evoco’s mission and goals aligned with our investment thesis, we immediately began collaborating and looked carefully into their plant-based raw materials that produce polyurethane foams and the potential they have to transform the footwear industry by shifting away from the use of petroleum-derived carbon products to new carbon biomass products that close the loop on unsustainability. In addition, since Evoco’s products are plant-based, they have a minimal environmental impact during their lifecycle and act as a catalyst for sustainable change in the industry, aligning with CIF’s values.
Given the potential for impact and change, our team collaborated with industry experts for several months to learn more about Evoco’s biomaterials solutions. We were also impressed by their growing clientele, which includes Bared Footwear, Kodiak, Timberland, and Vans, and keen to create natural USDA and GreenCircle-certified products.
Today, we are excited to announce that CIF is leading a CAD 12 million funding round for Evoco, a pioneering company in the development of plant-based and carbon-reducing technologies for sustainable materials.
We are confident that Evoco’s commercialization approach will significantly reduce the overall CO2 load in the atmosphere by using organic substances and methods instead of petroleum extraction, contributing to a healthier planet. Our team is confident that they will develop new partnerships with like-minded companies that manufacture products with superior performance without compromising sustainability.
Already, Evoco’s products are gaining attention not only in the footwear industry but also in other industries which are also in need of migration to a more circular supply chain such as construction and the automotive sectors. These industries are interested in leveraging Evoco’s FATES® eco-foam and Cleansport NXT solutions, both backed by strong intellectual property, to drive their own sustainable goals forward.
At CIF, we consider not only the product and market but also the team behind the company. We were impressed by Jason and his team’s dedication to impact and innovation, with a sharp focus on execution to pave the way for a more sustainable future. Going forward, we are excited to see the impact of Evoco’s products in the years ahead.
If you’re interested in joining Evoco, the company is currently hiring. As they say on Evoco’s website: “Our mission is to close the loop on unsustainable goods for good.” If this sounds like your place, join their team!
Read Evoco’s post on this funding announcement.