Foundation capital

Bolt Threads raises $106M from Foundation Capital and Formation 8 – TechCrunch

Our playful senses tingle here. According to an SEC filing, TechCrunch has learned that Bolt Threads, the biotech company turning microbes into spider silk, is raising $106 million in Series D funding.

Bolt Threads has had a meteoric rise since he first told TC about his ambitious ambition to make spider silk, a material tougher than Teflon but softer than a cloud and more abundant.

Sure, the idea of ​​wearing mass-produced cobwebs might sound strange – and several entrepreneurs have already tried unsuccessfully – but Bolt Threads has turned the impossible into gold with the launch of its first garment, a $314 tie earlier this year.

The company has since partnered with Patagonia and Stella McCartney, acquired the Best Made Company, and raised $90 million to help grow the Silicon Valley-based company.

It’s clearly now ready for twice the power with an additional $106 million, if all goes well. According to the filing, the company has so far been able to raise around $57 million in equity from previous investors Foundation Capital and Formation 8.

If it reaches the total amount sought, it would give Bolt Threads $196 million raised so far.

We’ve reached out to Formation 8, Foundation Capital and Bolt Threads for comment and will be sure to update this story as we gather more information.