Evoco
Evoco is a Toronto-based plant-based materials company that develops proprietary FATES™ Bio-Foams, Bio-TPU, and plant-based leather alternatives to replace petrochemical materials in footwear and consumer goods, serving 20+ global brands including Vans, adidas, Timberland, Keen, and Bared through owned and partner manufacturing in Vietnam and Italy.
- Company typePrivate
- Founded2016
- HeadquartersToronto, Canada
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Evoco does
Evoco Ltd. is a Toronto-based biotechnology and advanced materials company founded in 2016-2017 that develops plant-based alternatives to petrochemical-derived polyurethane foams, thermoplastic polyurethanes, and leather. The company's core technology is a feedstock-agnostic chemistry platform producing FATES™ Bio-Foams (with formulations including Classic, Ease, Essential, Glide, Impact, and ESD variants, achieving up to 85% plant-based content), Bio-TPU (up to 68% bio-based), and a Plant-Based Leather Alternative (PBLA). The platform is protected by 14-17 granted patents, holds third-party certifications (USDA Bio-Preferred, GreenCircle, Eurofins Chem-MAP Vegan, ISO 9001, REACH), and is validated by ISO 14044:2006-reviewed cradle-to-gate life cycle assessments demonstrating up to 70% lower GHG emissions versus conventional PU foams. The company also markets Cleansport NXT®, a probiotic-based odor-control technology for footwear and athletic products.
Evoco operates as a B2B specialty materials supplier to global footwear brands and consumer goods companies, generating revenue through volume-based sales of proprietary bio-foam components, Bio-TPU, and PBLA under multi-year enterprise contracts with quote-based pricing. The company sells directly through regional sales teams (Canada, UK) and through an OEM partnership with Italian insole manufacturer Miami for European production under 'Made in Italy' branding, while operating an owned production facility in Vietnam for Asia-Pacific and global supply. Customer relationships span 20+ global footwear brands including Vans, Timberland, Keen, Kodiak, Bared, and BMZ (Japan), with validation partnerships through Fashion for Good involving adidas, Target, and Zalando, and emerging activity in cosmetics (L'Oréal Canada), safety/PPE footwear (FATES ESD), and adjacent verticals including furniture, automotive, bedding, and fashion.
The company is privately held, headquartered at the MaRS Discovery District in Toronto, with 51-100 employees, operations across Canada, Vietnam, China, and Italy, and a Board including Nike's VP of Sustainable Product (Liz Rodgers) and Cycle Capital's Senior Partner (Benoit Forcier). It raised CAD $12 million in Series A funding in March 2023 led by the Circular Innovation Fund (Demeter / Cycle Capital), with participation from Export Development Canada and The Stewart Group Limited. Revenue is not publicly disclosed, but the company reports operating at industrial scale, producing millions of footwear components for global brand partners.
Evoco firmographics
Firmographics- Name
- Evoco
- Legal name
- Evoco Ltd.
- Website
- https://evocoltd.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Evoco is a Toronto-based plant-based materials company that develops proprietary FATES™ Bio-Foams, Bio-TPU, and plant-based leather alternatives to replace petrochemical materials in footwear and consumer goods, serving 20+ global brands including Vans, adidas, Timberland, Keen, and Bared through owned and partner manufacturing in Vietnam and Italy.
- Ownership category
- akta.pro rank
Evoco industry classification
Industry- Product category
- Bio-based Materials Manufacturing
- NAICS
- Urethane and Other Foam Product (except Polystyrene) Manufacturing (326150), Synthetic Rubber Manufacturing (325212), Resin and Synthetic Rubber Manufacturing (32521)
- SIC
- Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821), Plastics Foam Products (3086)
- akta.pro primary industry
- Bio-based & Biodegradable Polymer Resin Manufacturing (PLA, PHA, PBS, starch blends) (IMANAAAG)
- akta.pro secondary industries
- Biodegradable Elastomers & Rubbers (IMAEAOAI), Sustainable Rubber & Bio-elastomers (bio-based TPEs, natural rubber innovations) (IMANANAG), Bio-based Resins, Adhesives, Coatings & Sealants (EUAAAIAG)
Keywords
Where Evoco is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices5 records
Markets served
Evoco business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Bio-Materials Product Sales: Evoco generates revenue by selling proprietary plant-based material products (FATES Bio-Foams, Bio-Leather, Bio-TPU) directly to footwear and consumer goods brands. Products are sold as components (insoles, midsoles) or licensed technology. Volume-based pricing with millions of components delivered to global brands.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | B2B enterprise pricing for material products |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
Evoco product offering
Product offeringCore offering
Evoco develops and sells proprietary plant-based material technologies—primarily the FATES™ Bio-Foam family (polyurethane foams with up to 85% plant-based content), Bio-TPU thermoplastic polyurethane, Plant-Based Leather Alternative (PBLA), FATES Open Cell Sheetstock Technology (OCST), and Cleansport NXT® probiotic odor-control—to global footwear brands and consumer goods manufacturers as drop-in replacements for petrochemical-derived foams, leathers, and plastics in insoles, midsoles, outsoles, uppers, and other durable-goods applications.
Product overview
Evoco is a materials innovation company offering a platform of plant-based material technologies. The core product line is the FATES™ Bio-Foam family, which includes six specialized formulations: Classic, Ease, Essential, Glide, Impact, and ESD Bio-Foam, plus the FATES Slide (up to 85% bio-based) and Open Cell Sheetstock Technology. Complementary products include Bio-TPU (thermoplastic polyurethane with up to 68% bio-content) and Plant-Based Leather Alternative (PBLA). The company also offers Cleansport NXT®, a probiotic-based odor control technology. These materials target durable consumer goods, primarily footwear (insoles, midsoles, outsoles, uppers), as well as automotive, furniture, mattresses, and packaging applications.
Differentiator
Problem solved
Functional benefit
Brands
- FATES: Patented plant-based bio-foam technology platform used for footwear insoles, midsoles, and other applications. Includes product lines: FATES Classic, FATES Ease, FATES Essential, FATES Glide, FATES Impact, and FATES ESD.
- Bio-TPU
- PBLA (Plant-Based Leather Alternative)
- Cleansport NXT
Products and services
- FATES Classic Bio-Foam Patented premium thermoset polyester polyurethane foam with up to 72% plant-based content, designed for insole and midsole applications in footwear.
- FATES Ease Bio-Foam Patented premium thermoset polyester polyurethane foam with up to 72% plant-based content, offering superior cushioning and comfort for footwear applications.
- FATES Essential Bio-Foam High-performance medium-hardness polyester polyurethane foam with up to 72% bio-based carbon content using a dyeless formula, suitable for use across industries.
- FATES Glide Bio-Foam Patented premium thermoset polyester polyurethane foam with up to 58% plant-based content, designed for specific footwear applications requiring dynamic performance.
- FATES Impact Bio-Foam Extra-hard polyester polyurethane foam with up to 65% bio-based carbon content, designed for footwear applications requiring high durability and longevity under demanding conditions.
- FATES ESD Bio-Foam One of the world's first plant-based polyurethanes that is ESD (Electrostatic Discharge) compliant, compatible across the range of other polyester polyurethane foam formulas and designed for safety applications.
- FATES Slide Sandal/slide product engineered from proprietary high-bio-content foam platform with up to 85% bio-based content, delivering premium comfort, durability, and sustainability.
- FATES Open Cell Sheetstock Technology (OCST) Groundbreaking low-density, plant-based foam material designed for large-scale footwear applications, providing low-carbon, high-performance properties with minimal end-of-life impact and three versatile production options: die-cut, compression, and memory foam.
- Bio-TPU Thermoplastic polyurethane elastomer derived from plant-based polyols, offering a sustainable alternative to conventional TPU with up to 68% bio-based content for applications including automotive, footwear, industrial, apparel, consumer goods, sports and leisure, electronic casing, and 3D printing.
- Plant-Based Leather Alternative (PBLA) Plant-based leather alternative material for footwear uppers, 85-90% plant-based and free of toxic catalysts, as part of Evoco's expansion into other footwear components beyond foams.
- Cleansport NXT® Probiotic technology providing natural odor control in athletic products and footwear using naturally occurring microbes bonded to fabric surfaces.
Quantifiable outcome
- Up to 70% lower life cycle GHG emissions compared to traditional PU foam
- +5 more outcomes
Companies that use Evoco
Customer profileNamed customers15 records
Segments1 record
Ideal customer profiles2 records
Evoco technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Evoco partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered flagship, core and minor.
- Fashion for GoodflagshipFashion for Good selected Evoco for 'The Next Stride' initiative to test and validate FATES Bio-Foam as scalable alternative for footwear soles with global brands adidas, Target, and Zalando. Comprehensive performance testing and environmental assessments conducted in partnership with SATRA.
- adidasflagshipadidas is validating Evoco's FATES Bio-Foam as part of Fashion for Good's 'The Next Stride' initiative to replace fossil-based polymers in footwear soles with sustainable alternatives.
- TargetflagshipTarget is validating Evoco's FATES Bio-Foam as part of Fashion for Good's initiative to develop bio-based alternatives for footwear soles.
- ZalandoflagshipZalando is validating Evoco's FATES Bio-Foam as part of Fashion for Good's initiative to replace fossil-based polymers in footwear soles.
- MiamicoreItalian insole manufacturer specializing in high-quality componentry for global footwear brands. Partnership expands FATES Bio-Foam technology access in Europe. Miami brings decades of footwear craftsmanship and 'Made in Italy' quality standards.
- SATRAcoreTesting partner for Fashion for Good's 'The Next Stride' initiative. Conducting comprehensive performance testing and environmental assessments of FATES Bio-Foam against conventional fossil-based materials.
- L'Oréal CanadaminorL'Oréal, through its Circular Innovation Fund (50 million euros globally), invested in Evoco. Maya Colombani (Chief Sustainability Officer) visited Evoco facilities demonstrating shared vision for bio-based materials and circular practices.
- Liz Rodgers (Nike)coreNike Sustainability Leader (VP of Sustainable Product) joined Evoco's Board as independent director. Brings 29 years of experience integrating sustainability at scale. Strategic addition for governance and sustainability expertise.
- BMZcoreJapan's leader in orthopedic-performance insoles. Evoco developed custom foam formulation for BMZ's patented Ashi-Tore design enabling slim insole with precision biomechanical response. Product successfully launched at national retail in Japan.
- Renewable Carbon Initiative (RCI)minorGlobal network of 60+ companies dedicated to transitioning from fossil carbon to renewable carbon (bio-based, CO2-based, recycled). Evoco contributes expertise in bio-materials innovation while gaining insights and networking opportunities.
Scale indicators11 records
Recent moves9 records
Expansion highlights6 records
Evoco competitors and assessment
Company assessmentBroad incumbents
- Origin Materials: Public bio-based materials company producing chloromethylfurfural (CMF) and furandicarboxylic acid (FDCA) from plant feedstocks for packaging, automotive, and durable goods. Comparable as a plant-based materials platform targeting defossilization of consumer product supply chains.
- Huntsman Corporation: Major polyurethane chemicals producer with bio-based MDI and polyol offerings serving footwear, automotive, and furniture. Comparable as a broad polyurethane incumbent expanding into plant-based chemistries against Evoco's specialty bio-based platform.
- Dow Inc. Diversified chemical major with bio-based polyurethanes and polyurethane systems for footwear, bedding, and automotive seating. Competes broadly with FATES foam in conventional and bio-based PU foam applications at industrial scale.
- Covestro: Polyurethane and TPU market leader (Desmopan, Texin ranges) with bio-based/partial-bio TPU variants. Overlaps directly with Evoco's Bio-TPU offering and competes in foam-elastomer chemistry for footwear and automotive.
- BASF: Global chemical giant with bio-based polyurethane offerings (Lupranol BALANCE, Ecovio) supplying the footwear and automotive industries. Directly competes with FATES Bio-Foam in the bio-based polyol/PU foam market with substantially greater scale, R&D budget, and incumbent customer relationships.
Direct peers
- Modern Meadow: Bio-based protein and leather alternative developer serving footwear and consumer goods brands with sustainable material technologies. Comparable to Evoco in targeting footwear OEMs with bio-fabricated drop-in material replacements.
- Bolt Threads: Pioneer in bio-based leather alternatives (Mylo) for fashion and footwear, including partnerships with adidas, Stella McCartney, and lululemon. Most directly comparable to Evoco's PBLA line in targeting premium footwear brands with plant-based leather substitutes.
- NatureWorks: Global leader in bio-based PLA polymer manufacturing (Ingeo biopolymer) used across packaging, 3D printing, fibers, and durable goods. Comparable in commercializing plant-based polymer resins at industrial scale and supplying downstream manufacturers, though focused on PLA chemistry rather than polyurethane.
- MycoWorks: Producer of Fine Mycelium (Reishi) — a bio-fabricated leather alternative used in fashion and footwear collaborations with Hermès, Adidas, and Ligne Roset. Directly competes in the bio-leather-for-footwear category overlapping Evoco's PBLA roadmap.
Emerging players
- Natural Fiber Welding: Developer of plant-based polymer platforms (Clarus, Ternus) used in footwear, apparel, and automotive. Comparable as an emerging bio-materials innovator focused on plant-based chemistries targeting footwear and consumer durables.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Evoco social profiles
Digital presenceEvoco compliance and trust
Trust signalCompliance7 records
Evoco financial estimates
Financial estimateRevenue estimate
Valuation estimate
Evoco leadership team
Management profileNumber of profiles
Profiles12 records
Evoco subsidiaries and ownership
Company hierarchySubsidiaries2 records
Evoco funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Evoco M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Evoco
What does Evoco do?
Evoco develops and sells proprietary plant-based material technologies—primarily the FATES™ Bio-Foam family (polyurethane foams with up to 85% plant-based content), Bio-TPU thermoplastic polyurethane, Plant-Based Leather Alternative (PBLA), FATES Open Cell Sheetstock Technology (OCST), and Cleansport NXT® probiotic odor-control—to global footwear brands and consumer goods manufacturers as drop-in replacements for petrochemical-derived foams, leathers, and plastics in insoles, midsoles, outsoles, uppers, and other durable-goods applications.
Is Evoco a public or private company?
Evoco is a private company. It is classified as venture growth investor backed and is currently operating.
When was Evoco founded?
Evoco was founded in 2016. It employs 51 to 100 people.
Where is Evoco based?
Evoco is headquartered in Toronto, Canada, in the North America region.
How does Evoco make money?
One revenue line is on record: bio-Materials Product Sales.
Who are Evoco's main competitors?
Broad incumbents on record are Origin Materials, Huntsman Corporation, Dow Inc., Covestro and BASF. Direct peers are Modern Meadow, Bolt Threads, NatureWorks and MycoWorks. Natural Fiber Welding is listed as an emerging player.
Does Evoco have an API?
No public API is recorded for Evoco.
What industry is Evoco in?
Evoco's product category is Bio-based Materials Manufacturing. Its primary akta.pro industry code is IMANAAAG, Bio-based & Biodegradable Polymer Resin Manufacturing (PLA, PHA, PBS, starch blends), with a secondary code of IMAEAOAI, Biodegradable Elastomers & Rubbers. Its NAICS code is 326150 and its SIC code is 2821.