Modern Meadow, a bio-based materials developer backed by chemical producer Evonik and agribusiness Continental Grain Company, has secured $130m in series C funding.
The round was led by investment firm Key Partners Capital and also featured Astanor Ventures, Horizons Ventures and Cape Capital.
Founded in 2011, Modern Meadow produces materials made from proteins and bio-based polymers through a process called biofabrication. The company’s first product, Zi, is a leather-like material it claims is sustainable, durable and water-resistant.
The round was disclosed as Modern Meadow chairwoman Anna Bakst was appointed as its new chief executive, replacing previous CEO Andras Forgacs.
Modern Meadow received an undisclosed amount of financing from Evonik’s corporate venturing arm, Evonik Venture Capital, in September 2019. Continental Grain lists it as a portfolio company but has not disclosed precisely when it invested.
Horizons Ventures and Iconiq Capital had co-led Modern Meadow’s $40m series B round, in 2016, which included Singaporean state-owned investment firm Temasek, Artis Ventures, Breakout Ventures, Red Swan Ventures, Collaborative Fund and Tony Faddell.
The company had raised $10m in a 2014 series A round led by Horizon Ventures, after previously receiving $2.5m of seed capital. Its existing investors include Sequoia Capital, Interplay Ventures, Starlight Ventures, Ulu Ventures and Breakout Labs, and it was supported by Singularity University’s Labs programme.