Davis Nutrition Company Evolve BioSystems Lands $65 Million Funding Round
Source: Sacramento Business Journal, Mark Anderson
Photo: Evolve BioSystems has developed a proprietary probiotic formula to help newborn babies develop a healthy gut biome, which can reduce the incidence of illnesses. (JOHN VALLS)
Davis-based infant nutrition company Evolve BioSystems Inc. has closed a $65 million round of funding led by international food company Cargill Inc. and Vail, Colorado-based private equity firm Manna Tree Partners.
Evolve has developed a proprietary probiotic formula to help newborn babies develop a healthy gut biome, which can reduce the incidence of illnesses.
“Our research found that more than 90% of infants in the U.S. are missing the critical bacteria … which is widely documented as a key component of the infant gut microbiome,” said Timothy Brown, CEO of the company, in a news release. “The financial support announced today, which includes strong continued support from our earlier investors, will help continue our mission to make a healthier future for our children during infancy and beyond.”
Previous investors in Evolve BioSystems include the Bill & Melinda Gates Foundation and Sacramento Kings owner Vivek Ranadivé.
With this latest round of funding, Evolve BioSystems has now raised $135 million since its inception in 2011.
“Evivo, Evolve BioSystems’ innovative infant probiotic, has been proven to have a dramatic impact on the developing infant gut, and to guide long-term health trajectory,” said Gabrielle Rubenstein, CEO of Manna Tree, in a news release. “This important investment is at the very core of our mission at Manna Tree — investing in human health.”
An Evivo starter kit and two-month supply of the probiotic sells for $129 on Amazon.com.
Evolve BioSystems was founded by professors from University of California Davis, including Bruce German, David Mills, Carlito Lebrilla, Daniela Barile and Samara Freeman. The company was spun off from the Foods for Health Institute at UC Davis in 2014. The founders were awarded a patent on the technology behind Evolve’s products in 2016.
“Evolve BioSystems’ Evivo has the potential to be a highly distinctive probiotic for infants and we are delighted to work with them to scale its impact,” said Chuck Warta, president of Cargill’s health technologies business, in a news release. “Our goal is to help humans live more healthy days right from the start. Together, we can harness our respective expertise and knowledge in nutrition, digestive and immune health to bring next-generation ingredient solutions to our customers.”
Through its collaboration with the Bill & Melinda Gates Foundation, Evolve BioSystems is currently working on a clinical trial at the International Centre for Diarrheal Disease Research in Bangladesh to assess the impact of Evivo on infants who have been diagnosed with severe acute malnutrition.
As part of this investment round, Cargill and Manna Tree will have representatives join Evolve’s board of directors.
Other investors in this round include Horizons Ventures, the investment arm of Johnson & Johnson (NYSE: JNJ), Spruce Capital Partners, Acre Venture Partners and Ranadivé’s Bow Capital.
https://www.bizjournals.com/sacramento/news/2021/05/25/evolve-biosystems-funding-round