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Biomaterials Startup for Big Time Brands is Doing a SPAC Deal

October 20, 2023
x min read

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

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