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.”