A startup known for ushering in the mushroom leather movement is going public through a new SPAC.
What’s happening:
- Berkley, California based biomaterials startup Bolt Threads has entered into a deal to go public via a SPAC with Golden Arrow Merger Corp (NASDAQ: GAMC)
- The transaction will see Bolt Threads get $35M USD in new growth capital through the public listing at a valuation of approximately $250M
- The resulting entity will be called Bolt Projects Holdings and is expected to trade under the symbol ‘BSLK'
The big idea:
- Bolt Threads takes naturally occurring materials from nature and transforms them into consumer goods through biotechnology
Why it matters:
- Sustainable and environmentally friendly material manufacturing is a big problem to solve as many iconic consumer brands seek to lower their carbon footprint
- Bolt Threads has numerous notable investors including Founders Fund, Temasek, Formation 8, Foundation Capital and more
- This is one of the first ever SPAC transactions for a biomaterials company in North America
Going deeper:
- Bolt Threads has a variety of significant partnerships with global brands including Adidas, Lululemon and Sephora
- There are a variety of different types of materials being produced by Bolt Threads including leather, silk and more
By the numbers:
- Since inception Bolt Threads has been granted 49 unique patents
The intrigue:
- Bolt Threads is widely credited with ushering in the rapidly growing trend of ‘mushroom leather’ through their proprietary material known as ‘Mylo’ which is made from mycelium
