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

‍