Modern Meadow Secures Strategic Funding From Evonik to Scale the Next Generation of Biofabricated Materials
- The Biofabrication Company Announces Next Growth Stage In its Partnership with Specialty Chemicals Company, Evonik -
NUTLEY, N.J., Sept. 19, 2019 /PRNewswire/ -- Over a year into its long-term partnership with global specialty chemicals producer Evonik, Modern Meadow is thrilled to announce it has secured a significant investment from Evonik Venture Capital. This investment will accelerate and support Modern Meadow's development of its first sustainably produced, animal-free, premium branded materials platform.
"At Modern Meadow our mission is to transform the material world by developing and bringing to market the next generation of sustainably produced, biologically advanced materials," said Andras Forgacs, Co-Founder and Chief Executive Officer, Modern Meadow. "We are thrilled to deepen our relationship with Evonik, whose initial partnership not only helps us scale our technology, but now as an investor, will help accelerate our growth."
With the support of its partners and investors including Evonik, Modern Meadow will continue preparing Zoa™, its first branded materials platform, for commercial launch. Inspired by leather and a more sustainable future, Zoa™ is constructed with collagen protein but without animal-based agriculture inputs. Zoa™ will enable designers and brands to continue the journey toward the future of materials – one where a choice about animal-free, thoughtfully produced products can be made without sacrificing performance and craft.
"Consumer demand for animal-free products is increasing rapidly," said Lutz Stoeber, investment director for Evonik Venture Capital in North America. "With this investment Evonik is supporting Modern Meadow in developing a sustainable animal-friendly technology."
In March of 2018, Modern Meadow announced a partnership with Evonik to bring its collagen protein production via fermentation to commercial scale while optimizing process productivity. Evonik has more than three decades of experience in the development, scale-up, and commercial production of fermentation-based products and has developed leading competencies in the field of protein fermentation. Modern Meadow and Evonik plan to start commercial production in 2020 at an Evonik manufacturing site in Slovakia, which specializes in pilot to mid-scale production of specialty biofabricated products.
About Modern Meadow
Modern Meadow is creating a novel platform of biofabricated materials at the frontier of biotechnology. Our proprietary technology unlocks the power of nature, integrating design, biology, and material science with the aim of transforming the materials industry and contributing to the health of the planet. Our unique and diverse team numbers over 90 people with expertise in molecular biology, material science, engineering, and design. Modern Meadow is proud to have the support of world class investors such as Horizons Ventures, Iconiq Capital, ARTIS Ventures, Temasek, Breakout Ventures, Tony Fadell, and now Evonik. For more information, please visit www.modernmeadow.com or contact [email protected].
Disclaimer
In so far as forecasts or expectations are expressed in this press release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Modern Meadow does not assume an obligation to update the forecasts, expectations or statements contained in this release.
Contact: Ben Kellogg, 646-470-1449, [email protected]
SOURCE Modern Meadow
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