Mirova is an investment manager dedicated to sustainable investing through a conviction-driven approach. Mirova provides its clients with investment solutions that combine financial performance with environmental and social impact. Mirova's diverse expertise, as well as its ability to innovate and form alliances with the best experts, enable them to direct capital toward the needs of investment in a real, sustainable, and value-creating economy.

Mirova

Popular has been constantly evolving since its founding in 1998. A small bank has been transformed into a large corporation that offers a variety of financial products and services and has a presence in the United States, the Caribbean, and Latin America.

Katapult Ocean

Viridios Capital invests in carbon finance projects in accordance with its nature-based market-creation strategy. The company creates and implements proprietary technology to value, structure, and originate emissions offsets and sustainable development assets, thereby facilitating investment flows and investor returns. Viridios Capital also provides sustainable development asset structuring and advisory, ESG facilitation, carbon credit portfolio and registry management. Viridios was founded in 2019 and has offices in Sydney, London, and New York.

Viridios Capital

Carbonwave

Seaweed provides a sustainable and regenerative platform to address CO2 sequestration, pollution and volatility from our climate emergency. Our systems-level approach means that every part of our operation - from collection to distribution - is geared at restoring vital ecosystems and supporting resilient circular economies.

Carbonwave is a Boston-based biomaterials company that upcycles seaweed, particularly sargassum seaweed, into plant-based products, including a cosmetic emulsifier (called SeaBalance2000), organic fertilizer (Sarga Ag), and a leather alternative. The company's technology and manufacturing processes create plant-based alternatives to fossil fuel-based products to serve various industries such as agriculture, textiles, personal care, and cosmetics.

Earth-friendly biotech solutions for the textile, packaging and construction industries.

Bio-based Materials

Carbonwave is a Boston-based biotechnology company that develops biomaterials from Sargassum seaweed. The company’s main product for the beauty industry is SeaBalance 2000, a seaweed-based cosmetic emulsifier suitable for a range of personal care applications.

The intersection of beauty and technology to deliver hyper-personalized products.

Beauty Tech

Why Carbonwave is one of the most innovative companies of 2024

Carbonwave is a Boston-based biomaterials company that upcycles seaweed, particularly sargassum seaweed, into plant-based products, including a cosmetic emulsifier (called SeaBalance2000), organic fertilizer (Sarga Ag), and a leather alternative. The company's technology and manufacturing processes create plant-based alternatives to fossil fuel-based products to serve various industries such as agriculture, textiles, personal care, and cosmetics.As of April 2023, Carbonwave reports that it has developed a leather alternative made from Sargassum seaweed and is planning to launch it soon. The company also noted that its line of organic agricultural inputs made from Sargassum's liquid compounds which can increase crop yields and reduce the need for nitrogen fertilizer is being tested by major corporate growers. Carbonwave also claims that it has sold a significant amount of its SeaBalance2000 product.Carbonwave operates in two locations: Puerto Morelos in Quintana Roo, Mexico, and Carolina in Puerto Rico, with consideration of further expansion in the Caribbean.Funding and financialsIn June 2023, the company raised <a href="https://sp-edge.com/updates/19783">USD 6 million </a>from Pegasus Capital Advisors and the Global Fund for Coral Reefs (GFCR) to support its biorefinery model for upcycling Sargassum seaweed into high-value biomaterials. In January 2024, the company secured a USD 100,000 grant from the Miami-Dade Innovation Authority to support product development.

<div>
 
 Bolt Threads manufactures vegan &ldquo;spider&rdquo; silk and mycelium-based materials. Bolt Threads develops isolated silk proteins from proteins inspired by spider silk through a yeast fermentation process. The company&rsquo;s Microsilk products are sold under its clothing brand, Best Made Co. The company has also developed another biomaterial using mushroom-based mycelium, an alternative leather product branded as Mylo, which was expected to be produced on a larger scale.&nbsp;
 
 
 In September 2021, Bolt Threads announced its plans to produce Mylo on a commercial scale by the end of 2022 and expected to collaborate with mushroom farmers to heighten its mycelium crops. Though the company reported 
 <a href="https://sp-edge.com/updates/19867">
 halting production of Mylo
 </a>
 in June 2023 due to inflationary pressure and lack of funding, in October 2023, the company announced entering a 
 <a href="https://sp-edge.com/updates/22431">
 SPAC deal
 </a>
 to go public on the Nasdaq.&nbsp;
 
 
 For its Microsilk product, Bolt had a production capacity of 32,000 sq ft per annum as of 2018. Since Microsilk remains significantly more expensive than traditional silk, the founders were seeking ways to scale up.&nbsp;
 
 
 Key customers and partnerships
 
 
 For its Microsilk product, Bolt Threads launched its first collaboration in 2017 with fashion designer Stella McCartney and introduced its second prototype in the form of a biodegradable tennis dress.
 &nbsp;
 
 
 The leather alternative Mylo has been used in collaborations with Stella McCartney, Seattle-based leather bag manufacturer Chester Wallace, and Canadian athletic apparel retailer Lululemon. In October 2020, the Mylo Consortium was also formed including Adidas, Stella McCartney, Kering, and Lululemon, who collectively have made a seven-figure investment into Bolt Threads to produce Mylo. In return for their investments, these brands would have access to a large supply of the product.&nbsp;
 
 
 Stella McCartney has been experimenting with Mylo to create clothing prototypes with plans to use the material in upcoming collections. Adidas used Mylo to produce high-performance footwear for the first time in April 2021 by making a vegan version of its &ldquo;Stan Smith&rdquo; sneaker design that dates back to 1965 and had plans to expand the use of Mylo material in its other products including handbags, wallets, shoes, jackets. In February 2022, 
 <a href="https://sp-edge.com/updates/8404">
 Lululemon
 </a>
 launched a Mylo-based yoga bag collection, which included a multipurpose yoga bag and a storage bag for workout gear. Mylo was also used by Danish luxury brand Ganni for the launch of its limited edition Mylo-based wallet range and one-of-a-kind saddle-bags in June 2022. Ganni&rsquo;s partnership with Bolt Threads included plans to release more Mylo-based products in Q1 2023. With growing demand for its Mylo product, 
 <a href="https://sp-edge.com/updates/8884">
 in February 2022, 
 </a>
 the company partnered with Mycelium Materials Europe (MME) for the commercial production of Mylo but had not been able to materialize its plans.
 
 
 Funding and financials
 
 
 The company&rsquo;s last funding round was a USD 123 million Series D in January 2018 led by Baillie Gifford. The funds were used to commercialize the company&rsquo;s Microsilk&nbsp;products.
 
 
 
</div>

Bolt Threads

MycoWorks is a manufacturer of alternative leather using mushroom-based fungi. Its proprietary brand, Reishi, is manufactured using a patented process called “Fine Mycelium”, which uses fungi’s capacity to bind to itself and carbon-based materials in producing durable three-dimensional material. The benefits of Reishi, according to MycoWorks, include its tensile strength (the force needed to pull material to its breaking point) at 10 Megapascals (MPa), compared to the average cowhide tensile strength of 8.5 MPa. Reishi is also customizable (in terms of sizing and specifications) allowing growing direct-to-design products that eliminate waste from cutting and trimming.Mycoworks operates three Reishi plants as of January 2022. The third plant in California has an annual production capacity of 80,000 sq ft of material per year, increased the company’s production tenfold, and reportedly reached a milestone of producing 10,000 trays of Fine Mycelium after a year of operation. The company is also building a new USD 107 million worth manufacturing facility in Union, South Carolina, with operations expected to commence in 2023. The new facility reportedly is expected to produce several million sq ft of Fine Mycelium per year. In August 2023, the company announced opening a <a href="https://sp-edge.com/updates/20757">136,000 square foot plant </a>&nbsp;which will produce Reishi that has been embraced by luxury brands like Hermès and Ligne Roset for various applications and was expected to begin operation on September 20, 2023.Reishi remains in the prototype development and testing phase. The company announced that the material is currently being tested in clothing, shoe, wallet, and handbag design. Key customers and partnershipsThe company indicated in November 2020 that the first luxury fashion and footwear products containing Reishi will be launched in partnership with leading fashion and footwear brands in the coming months. MycoWorks also partnered with Hermès, the French luxury goods manufacturer, in March 2021 to use a material named “Sylvania”(a Fine Mycelium-based material developed by the two companies over three years) in a sustainable version of Hermès’s “Victoria” travel bag, by the end of 2021. In <a href="https://sp-edge.com/updates/24584">November 2023</a>, the company partnered with YUME YUME for interactive Reishi-based installation at Stedelijk Museum. Funding and financials<a href="https://sp-edge.com/updates/7804">In January 2022</a>, MycoWorks raised USD 125 million in a Series C funding round led by Prime Movers Lab. The funding was expected to accelerate commercial production of Reishi and support in R&amp;D, technology development, and hiring new employees.

MycoWorks

Checkerspot is a manufacturer of microalgae-based performance materials which are used to produce consumer products, including skis and surfboards. The company modifies microalgae’s genes to derive new molecular building blocks and then bioengineers production of consumer products. Microbes are optimized to biomanufacture unique, natural structural oils that were previously not accessible on a viable, commercial scale. The company’s primary focus is on high-performance polyurethanes and coatings made from bio-based oil via fabrication.The company’s commercialized products include Algal Core (a light-weight urethane-based composite) and Algal Wall (cast urethane), both products are offered under the WNDR Alpine brand while algal oil is sold under the miDori bioWick. In February 2021, WNDR Alpine, Checkerspot’s outdoor brand, received the B Corp Certification, private certification granted to for-profit companies by the B Lab, a global non-profit organization formed to support the movement of using businesses as a force for good. Key customers and partnershipsThe company has partnered with Beyond Surface Technologies (BST) to commercialize miDori BioWick, an algal oil used in BST’s wicking textile finish. As of August 2020, the company’s co-development partners also included W.L. Gore and DIC Corporation.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates/16362">February 2023, </a>Checkerspot raised USD 55 million in Series C funding led by ArrowMark Partners to accelerate the development and commercialization of biobased alternatives for everyday products and expand into markets, such as industrial applications, personal care, and food and nutrition.

Checkerspot

Mi Terro converts milk waste into sustainable yarn, using a self-developed technology known as Pro-Act that extracts casein protein molecules from milk. The protein is purified and undergoes a dynamic flow shear spinning process, converting the casein to sustainable fiber. The resulting yarn is claimed to be three times softer than cotton and has applications in textiles, food packaging, bedding, personal care, and medical sectors. Mi Terro has also developed a limited-release ocean-waste duffle bag. Key customers and partnershipsThe company has partnered with Nike, Danone, Toyoshima, DFA, Mitsubishi, Lair East Labs, Dole, Budweiser, and Harada. In <a href="https://sp-edge.com/updates/23179">October 2023</a>, the company partnered with Lipton to develop dissolvable tea pods. Funding and financialsThe company completed two rounds of funding in 2020, raising USD 100,000 in January 2020 and USD 50,000 in March 2020. In January 2021, the company also won the Meda Million Dollar Challenge and received a USD 300,000 prize. In March 2022, the company raised USD 1.5 million in a Seed round led by Astanor to scale up production.

Mi Terro

Modern Meadow develops collagen-based materials from plant proteins, using a range of biofabrication processes including the creation of bio alloys, solution dyeing, protein design, and fermentation. The focus of the company is on the luxury branded market with its fully biodegradable proprietary brand, “ZOA”. Modern Meadow also reports that it is developing “Bioleather1 (BL1)”, an alternative to chrome tanned bovine leather made using its proprietary BioAlloy process. According to research published by the company in <a href="https://sp-edge.com/updates/8431">February 2022 </a>, BL1 reduces greenhouse gas emissions by 80% and 20% compared to traditional and synthetic leather respectively. It also reduces water consumption from groundwater sources, land use, and the subsequent degradation of water bodies during the process by 95% compared to conventional leather production.In April 2020, Modern Meadow announced plans to commence commercial production later that year and was actively looking for manufacturing partners. As of the same date, Modern Meadow employed between 70-90 staff at its 72,000 sq ft factory in New Jersey.Key customers and partnershipsModern Meadow announced a partnership with Evonik in March 2018, to develop and scale-up the commercial production of fermentation-based products.In April 2021, the company reported that it would announce collaborations with fashion brands and industry partners during the following six to nine months. In <a href="https://sp-edge.com/updates/15657">January 2023 </a>, Modern Meadow partnered with Taiwan-based sustainable fabric company, Singtex to develop biomaterials for various applications, beginning with a sustainable, waterproof, membrane-based material for the outdoor apparel market. In <a href="https://sp-edge.com/updates/16786">February 2023 </a>, the company partnered with US luxury brand, Tory Burch, to launch Tory Burch’s first plant-based leather alternative tote, the Ella Bio, powered by Modern Meadow technology, Bio-Alloy.In June 2023, it also formed a strategic partnership with <a href="https://sp-edge.com/updates/19178">Navis TubeTex </a>, a provider of textile machinery, to develop a sustainable textile manufacturing process. During the same month, it also formed a strategic partnership with <a href="https://sp-edge.com/updates/19868">BASF </a>to create an animal-free material called Bio-VERA that replicates the look, feel, and aging properties of traditional leather, suede, or chamois.In <a href="https://sp-edge.com/updates/30500">June 2024</a>, the company partnered with Earthletica to unveil the Bronte Jacket which used Bio-Alloy Shield technology.Funding and financialsIn April 2021, the company raised USD 130 million in a Series C funding round led by Key Partners Capital to (i) develop the company's biofabrication technology, used in creating an alternative to fossil-fuel-based textile coatings; and (ii) scale-up and commercialize its collagen-based leather material.

Modern Meadow

Developers of materials with applications across apparel, automobile, home goods, etc.

Developers of non-leather material alternatives such as wool, silk, and viscose—mostly for apparel

Developers of alternatives to plastic and other materials used in packaging

Developers of alternative materials for industrial applications such as sporting goods, electronic components, and automotive parts

Reuses waste to create bio-based materials

Sustainable alternatives to materials like animal leather, silk, plastic

Carbonwave is a Boston-based biotechnology company that develops biomaterials from Sargassum seaweed. The company’s main product for the beauty industry is SeaBalance 2000, a seaweed-based cosmetic emulsifier suitable for a range of personal care applications.Carbonwave’s other main product is Sarga Agriscience, a seaweed extract to enhance crop yield. The company is also in the process of developing plant-based leathers and non-wovens and bioplastics.Key customers and partnershipsCarbonwave has a partnership with Biesterfeld Spezialchemie to distribute SeaBalance 2000 in Germany, Austria, and Switzerland (the DACH region), Poland, and the Baltic States (March 2023).Funding and financialsIn June 2023, Carbonwave raised USD 6 million in a venture funding round led by Pegasus Capital and Global Fund for Coral Reefs to support its biorefinery model for upcycling Sargassum seaweed into high-value biomaterials.

Ipsy provides a subscription-based personalized bundle of beauty products. It uses an online quiz to obtain customer attributes such as skin tone, hair color, and preferred brands and uses its proprietary machine learning technology named “IPSY MATCH” to match products from selected brands with customers.Ipsy provides three customized subscription-based product bundle options: 1) Glam Bag (five deluxe-sized samples for USD 14 per month); 2) BoxyCharm (five full-sized products for USD 30 per month); and 3)Icon Box (eight full-sized products for USD 60 per quarter). Ipsy also enables customers to pick three products out of 12 recommendations, allowing the company to gain insights on customer preferences which are in turn used to improve its recommendation engine.Ipsy ships to the US, Canada, and Mexico with over 3 million active members as of November 2020. As of October 2023, Ipsy had over 3.6 million followers on TikTok and was claimed to be the most followed beauty brand on the platform.In November 2020, Ipsy acquired the subscription-based beauty product provider BoxyCharm in a USD 500 million deal, and, in March 2023, merged the two brands under Ipsy’s brand portfolio.Key customers and partnershipsIpsy’s platform features various makeup brands from over 330 retailers (November 2023).Ipsy creates curated makeup boxes in partnership with celebrities and popular makeup artists such as the founder of the cosmetic brand Anastasia Beverly Hills, Anastasia Soare (March 2023), the American actress and singer, Vanessa Hudgens (July 2023), the british makeup artist, Pat McGrath (October 2023), and the American singer and songwriter, Gwen Stefani (February 2024).Key Competitors : None comparable (Ipsy is the only company in the hub that offers customized subscription boxes for an assortment of various types of beauty products.)

Ipsy

Proven Skincare develops personalized products based on a custom formula that incorporates 45 factors about the user including environment, lifestyle, and skin concerns. Based on the identified skin genome profile, three multifunctional products are developed, i.e. a multifunctional cleanser/toner, a moisturizer, and a night cream/serum. Proven Skincare products can be purchased as a one-off or on a subscription.Proven claims that its proprietary “Skin Genomic Database” consists of over 20 million customer testimonials, 8 million online reviews, and data from over 4,000 scientific papers analyzed with machine learning and natural-language processing to identify the most suitable clean ingredients for each customer.The company also introduced a <a href="https://sp-edge.com/updates/10097?industryIds=39">personalized eye cream </a>duo for day and night use in May 2022. Proven's skincare personalization process received a US <a href="https://sp-edge.com/updates/11478?industryIds=39">patent </a>in July 2022. It introduced a <a href="https://sp-edge.com/updates/24527">personalized Serum </a>in November 2023 which leverages AI to determine the optimal skincare ingredients for each user.Proven Skincare <a href="https://sp-edge.com/updates/11716?industryIds=39">expanded </a>into the European Union (EU) and the UK in July 2022.Key customers and partnershipsThe company announced a partnership with Sephora in January 2023 to bring its personalized skincare solutions to <a href="https://sp-edge.com/updates/16034">Sephora’s </a>digital and brick-and-mortar stores.As of September 2021, Proven Skincare had <a href="https://www.retaildive.com/news/how-high-is-the-ceiling-for-personalized-beauty-brands/606802/">over 100,000 customer </a>s, ~70% of which were repeat shoppers.Funding and financialsFrom its launch in October 2019, the company had reportedly reached a USD 24 million average annual revenue within two years of operation in the North American market, with 80% of customers on a subscription-based sales model.In September 2023, the company raised <a href="https://sp-edge.com/updates/22322">USD 12.2 million </a>in series A funding led by NewH2 Ventures to enhance its brand presence and expand its team.

Proven Skincare

Function of Beauty is a developer of custom hair care, skincare, and body care products. The company initially focused on hair care and subsequently expanded its focus to skin and body care products in July 2020. Function of Beauty formulates custom products based on an online quiz using an algorithm capable of offering 12 billion custom combinations developed by the company’s founders—a group of MIT engineers and data scientists including Zahir Dossa and Joshua Maciejewski.The company’s products are vegan, cruelty-free, sulphate-free, gluten-free, and paraben-free. Its hair care products have a patented Adaptive f3 Bonding Complex. Function of Beauty’s customized products include shampoo and conditioner (starting at USD 20 as of January 2024), body wash and body lotion (starting at USD 21 as of January 2024) and moisturizer (starting at USD 45 as of January 2024).Function of Beauty carries out product designing, development, manufacturing, and packaging in-house with occasional consultant feedback. Function of Beauty uses automated processes, including a robotic system for order dispensing. The system can use 20–50 ingredients per bottle. As of January 2024, the company shipped to over 48 countries including the US, the UK, Canada, EU countries, and several Asian countries.In August 2021, Function of Beauty acquired Atolla, a custom skincare product developer to combine its proprietary formulations with Atolla's patented skincare technology to offer advanced custom skincare products.Key customers and partnershipsIn September 2022, the company partnered with Canadian retailer <a href="https://sp-edge.com/updates/13191?industryIds=39">Shoppers Drug Mart </a>to launch its personalized hair care products in Canada. In August 2023, Function of Beauty launched a new Function of Beauty <a href="https://sp-edge.com/updates/21500">PRO hair care range </a>in 300 Sephora locations across North America and online. It also has a wholesale partnership with Amazon (<a href="https://sp-edge.com/updates/30313">June 2024</a>) to offer hair care products through Amazon’s e-commerce platform.

Function of Beauty

Hawthorne is a developer of custom fragrance, body care/grooming, hair care, and skincare products for men. The company launched with fragrances, introduced body care products in 2018, hair care products in 2019, and in January 2020 introduced custom skincare products. An online quiz collects information such as daily routine, lifestyle, taste, and familiarity with grooming products. That information is then analyzed using a proprietary data processing algorithm.Hawthorne claims that the algorithm can match customers with a product that suits their body chemistry, skin type, hair type, and lifestyle with a 97% accuracy. As of January 2024, the company’s personalized fragrances were priced at USD 50–60 and skin and hair care products were priced at USD 17–21. The company ships to the US, Hawaii, and Alaska.Key customers and partnershipsHawthorne’s perfumes are developed in collaboration with award-winning perfumers such as Rodrigo Flores-Roux, Olivier Gillotin, and Quentin Bisch.

Hawthorne

Prose develops custom hair care products and hair care routines based on responses to an online quiz. The quiz obtains customer information about hair type, current hair care habits, diet, stress level, physical activity and factors such as ultraviolet (UV) exposure, pollution, humidity, wind, and other <a href="https://sp-edge.com/updates/9356?industryIds=39">micro-local factors </a>. The quiz also takes customer’s preferences such as vegan or gluten-free requirements into consideration. The information is processed through Prose’s proprietary algorithm to create individualized products. Prose uses a semi-automated approach to manufacturing where the production is carried out by a chemist with the aid of automated mixing and packaging.In April 2021, the company introduced “Root Source,” a hair supplement to treat environmental causes of hair loss. The product consists of two pills, a universal soft gel and a customized capsule, and, as of January 2024, was priced at USD 57.2. The product was developed based on insights derived from information collected through Prose’s online quiz, which revealed that around 85% of the brand’s customers experience hair loss. Root Source’s clinical trials claim around 93% of users experiencing improved hair growth after taking the supplement for 90 days. Prose also introduced a <a href="https://sp-edge.com/updates/12245?industryIds=39">personalized styling gel </a>specifically targeting curly hair in August 2022.In June 2023, Prose expanded into <a href="https://sp-edge.com/updates/19873">skincare </a>with an AI-powered system offering customized formulas based on individual needs, targeting multiple skin concerns, and addressing factors such as skin type, diet, stress, pollution, and climate while allowing fragrance and texture customization. In <a href="https://sp-edge.com/updates/28430">April 2024 </a>, the company launched an AI-based beauty tech customization platform, Singular. The company claims to have completed over one million consultations in the 11 months leading up to November 2019.

Prose

Companies that leverage technologies such as AI/ML and AR/VR  to enable cosmetic producers to offer personalized product offerings to consumers. This could include virtual-try-ons for cosmetics such as makeup and hair color in addition to solutions for skin analytics.

Companies that formulate customized solutions for skin, leveraging technologies such as AI/ML to conduct skin analysis, and provide personalized recommendations, which are directly sold to consumers.

Companies that leverage biotechnology, nanotechnology, or other technologies to develop biomaterials or novel lab-grown ingredients (e.g., bio-based cosmetic polymers) for use by the broader beauty industry.

Companies that leverage technologies like IoT to develop smart devices (e.g., smart mirrors, wearables) that offer real-time analysis of skin health, skincare routines, and product usage for consumers. This also includes companies that offer 3D-printed makeup, at-home beauty tech (e.g., at-home manicure machines), and other tech-based personal care products (e.g., tech-enabled color-changing nails).

Companies that leverage technologies such as AI/ML to match consumers with third-party beauty products by offering personalized recommendations to consumers, which are curated based on each individual customer’s preferences.

Companies that formulate customized hair and other beauty solutions such as fragrances, leveraging technologies such as AI/ML to tailor product recommendations, which are directly sold to consumers.

Beauty tech features brands that leverage IoT for smart devices

Personalized beauty tech features brands that leverage AR tools for virtual cosmetic try-ons

Some companies (like Mink and Ellure) allow customers to print their own makeup

Beauty tech features brands that leverage robotics for at-home devices

AI/ML is used for Big Data analysis, allowing companies to improve prediction capabilities for personalization

Beauty tech features brands that leverage biotechnology to create sustainable materials

Beauty tech features brands that leverage blockchain for supply chain transparency

Companies offer personalized recommendations and products based on individual attributes like skin and hair

Carbonwave

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