In the article, “Materials Innovator AlgiKnit Closes $13 Million Series A To Transform the Textile Industry’s Environmental Impact,” SynBioBeta reports that biomaterials company AlgiKnit (IndieBio / RebelBio 05) has completed a $13 million Series A funding round led by Collaborative Fund with additional support from Starlight Ventures, Third Nature Ventures, Horizons Ventures, and SOSV. Just Style’s article “H&M Group joins funding for seaweed yarn maker Algiknit” also reveals that H&M CO:LAB, the investment arm of H&M Group, has lent additional funding support.
Algiknit leverages kelp, a type of seaweed, to create sustainable yarns and fibers across a number of industries including fashion, interiors, and automotive. In addition to closing its Series A, AlgiKnit also opened a new manufacturing facility in the Research Triangle area of North Carolina, according to SynBioBeta.
Speaking of Algiknit’s recent funding efforts and new manufacturing facility, AlgiKnit co-founder and CEO Tessa Callaghan commented, “This is a huge next step in bringing this technology to scale, and creating positive, tangible change for the planet. We are so excited to partner with new and existing investors who share our vision for transforming the fashion ecosystem.”