Evanesce closes CAD $10.1M Series B round to accelerate growth
Evanesce Packaging Solutions Inc. has closed its Series B funding with an oversubscribed CAD $10.1M. This fundraising round was led by Pyfera Growth Capital, who also led Evanesce’s Series A, and supported by clients of Canaccord, Research Capital, PI Financial, Echelon, Hampton, and Haywood. This latest capital injection is just eight months after Evanesce’s Series A funding closed in February. The current round of funding brings Evanesce’s total capital raised to over CAD $15M (US $12M).
“The closure of another successful funding round enables Evanesce to accelerate its growth strategy to meet the growing market demand for sustainable food service and packaging solutions,” says Douglas Horne, founder and CEO of Evanesce. “Evanesce is committed to replace single-use plastics and Styrofoam packaging with plant-based, compostable alternatives that are scalable, cost effective and truly sustainable.”
With this latest capital raise, Evanesce is scaling the manufacturing capacity of its plant-based, compostable solutions. Evanesce has been aggressively expanding its North American operations including opening of its first manufacturing facility in Early Branch, South Carolina as well as a second facility in Las Vegas, Nevada. Part of the funds raised will purchase new equipment to scale up production for both their PLA biopolymer and Molded Starch product lines, as well as scaling operations teams and advancing sales opportunities.
“With the shift in stronger environmental regulations and rising consumer demand for sustainable solutions, Evanesce is uniquely positioned to meet the market demand for sustainable food service and packaging alternatives. We are impressed by Evanesce’s patented plant-based technology that is set to transform packaging and their continued growth demonstrates the viability, feasibility and desirability of sustainable packaging technologies. We are pleased to support Evanesce in its mission to inspire change that contributes to a healthier planet,” said Bradley Aelicks, president of Pyfera Growth Capital.
Evanesce is set to disrupt the sustainable packaging market, which is expanding rapidly and is expected to reach over US$1.2T by 2028. As a complete solution to replace single use plastics and Styrofoam in the global food services and packaging, Evanesce’s comprehensive business model includes manufacturing, licensing, collaborative partnerships, and joint ventures to accelerate the adoption of compostable plant-based solutions.
Available in 2022, Evanesce Molded Starch technology is the latest innovation in alternative packaging materials to help companies and leading brands reduce their environmental impact and meet their waste diversion goals without compromising the integrity of their solutions and maintaining their bottom line. By upcycling flexible inputs of readily available starch and fiber by-products, Evanesce will manufacture 100 percent compostable molded packaging material at almost half the cost of other certified compostable alternatives available in the market.
For more information, please visit evanesce.com.
Source: Evanesce
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