- Billy Goat Brands (GOAT) portfolio company Evanesce has closed its $10.1 million Series B funding round
- Proceeds will be used to purchase new equipment to increase the output of Evanesce’s polylactic acid biopolymer and molded starch product lines
- Evanesce’s innovative technologies will help to curb the use of single-use plastics and provide a sustainable alternative to the pollution of microplastics waste
- Billy Goat Brands is a venture capital platform focused on investing in high-potential companies operating in the blue economy
- Billy Goat Brands Ltd. (GOAT) opened trading at C$0.195 per share
Billy Goat Brands (GOAT) portfolio company Evanesce has closed its $10.1 million Series B funding round.
This funding round follows the completion of Evanesce’s Series A financing in February 2021, in which Evanesce raised a total of $15 million.
Evanesce Packaging Solutions is a sustainable technology innovator, developing standard disposable food containers using a patented molded starch technology comprised of plant-based by-products that are 100 per cent compostable and decomposes in 90 days.
Proceeds will be used to purchase new equipment to increase the output of Evanesce’s polylactic acid biopolymer and molded starch product lines, as well as adding to its operations teams and advancing sales opportunities.
Evanesce has been aggressively expanding its North American operations through the recent opening of a manufacturing facility in Early Branch, South Carolina, as well as utilizing a second facility in Las Vegas, Nevada.
GOAT’s equity stake in Evanesce strongly positions its ESG-focused portfolio in the green packaging solutions market. As the global packaging market is expected to reach over US$1.2 trillion by 2028.
Evanesce’s innovative technologies will help to curb the use of single-use plastics and provide a sustainable alternative to the pollution of microplastics waste. The company’s investment in Evanesce is part of GOAT’s strategy to identify and incubate companies focused on the blue economy.
Douglas Horne, Founder and CEO of Evanesce commented on the funding.
“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. Evanesce is committed to replace single-use plastics and Styrofoam packaging with plant-based, compostable alternatives that are scalable, cost effective and truly sustainable.”
Tony Harris, Chief Executive Officer and Chairman of GOAT added,
“We are thrilled to see such strong investor demand for Evanesce’s equity, as it both validates GOAT’s earlier investment in the Portfolio Business and demonstrates the continuing market support for green packaging solutions. I would like to congratulate Douglas and his team on the Series B Round and look forward to Evanesce deploying the CAD 10.1 million of capital toward achieving scale without comprising on its goal of providing sustainable products to help the environment.
GOAT is committed to supporting Evanesce’s vision of disrupting the sustainable packaging market. Our investment in Evanesce is a strong example of a satisfying outcome of GOAT’s due diligence process for early-stage, ESG-focused companies.”
Billy Goat Brands is a venture capital platform focused on investing in high-potential companies operating in the blue economy.
Billy Goat Brands Ltd. (GOAT) opened trading at C$0.195 per share.
