Evoralis Secures £2.5M Seed Funding To Transform Textile Recycling

Evoralis, a pioneering company specializing in the discovery and development of plastic-depolymerizing enzymes, has successfully raised £2.5 million in a seed funding round. This investment marks a significant milestone in Evoralis’ mission to revolutionize the recycling landscape for textiles and other plastics.

The funding round was led by LIFTT S.p.A, with co-investments from Cambridge Enterprise Ventures, Parkwalk Advisors, Backbone Ventures and circular economy-focused investors Circular Plastics Accelerator and Archipelago Ventures, as well as angel investors. Notably, CPI has converted its convertible loan into equity by acquiring shares in the company.

A spin-out from the University of Cambridge’s Hollfelder Lab, Evoralis utilizes a unique ultrahigh-throughput screening platform based on microfluidics to discover and refine enzymes capable of breaking down complex plastics into their constituent building blocks. This innovative platform accelerates enzyme screening by up to 1,000 times compared to traditional methods, positioning Evoralis at the forefront of developing economically viable solutions for a circular economy in textiles and plastics.

Addressing a Critical Challenge
The textile industry is currently facing a critical challenge, with global fibre production nearly doubling over the past two decades to reach 109 million tonnes in 2023. A significant portion of this production is non-recyclable. Europe generates approximately 6 million tonnes of post-consumer textile waste annually, with 60% of clothing sold today containing fossil-based plastics that existing recycling methods struggle to recover.

Evoralis is tackling this pressing issue with its groundbreaking enzymatic technology, which aims to provide a viable solution for recycling over 80% of textiles, including mixed and blended fibres containing plastic. This revolutionary approach enables the separation of different materials within textiles and has the potential to unlock a USD 560 billion economic opportunity.

The company’s platform has already attracted interest from major fashion retailers seeking to develop enzymes specifically for recycling nylon and polyurethane—two of the most challenging synthetic polymers to recycle.

Support and Vision
Daniel Kaute, CEO of Evoralis, expressed his excitement about the funding: “We are thrilled to have the support of LIFTT and our other investors as we take this crucial step forward in transforming textile recycling. This funding will enable us to further develop our enzyme technology, making it possible to recycle textiles and plastics that were previously deemed unrecyclable. Our vision is to create a world where waste is a resource, and this investment brings us closer to making that vision a reality.”

Edoardo Bianchi from LIFTT stated, “Leading this investment round reflects our confidence in Evoralis’ groundbreaking technology and its potential to revolutionize textile recycling. At LIFTT, we are committed to supporting innovative solutions that address critical environmental challenges, and Evoralis’ approach to enzymatic recycling is a game-changer for the circular economy.”

Philippe Bernet, a partner at Backbone Ventures, remarked, “While we typically focus on the DACH region, we made an exception for this UK-based company due to the exceptional strength and track record of the team. The groundbreaking technology developed at Cambridge University, along with the commercial interest they’ve already generated, truly impressed us.”