Silk protein startup Evolved By Nature raises $120 million

Evolved By Nature, a Medford, Mass.-based creator of a library of activated molecules from natural silk protein, raised $120 million in Series C funding.

• Investors include fashion brand Chanel, while the round was led by Ontario Teachers' and Senator Investment Group.

Why it matters: Silkworms could help alleviate human reliance on petrochemicals as coatings for textile, leather and skin care products — at a time when brands are trying to meet internal and government-mandated ESG goals.