EVOCO, Partner to Vans & Timberland, Raises CAD $12M for Plant-Based Materials
Canadian plant-based materials producer EVOCO has secured CAD $12 million in a Series B funding round led by Circular Innovation Fund. EVOCO aims to develop high-performance, low-impact materials intended to reduce reliance on fossil fuels. The company’s flagship product is a patented foam called FATES, which is 80% plant-based. Existing investor The Stuart Group and new investor Export Development Canada participated in the round. The material aims to replace conventional PU foam, which produces significant emissions, can take hundreds of years to biodegrade, and is difficult to recycle. The technology is said to reduce carbon emissions by up to 70%. While FATES can be adapted to multiple applications, EVOCO is initially focusing on footwear, partnering with brands such as Vans, Keen, and Timberland. The foam …