Kraig secures further funding for Vietnam facili - sportstextiles: Lea SportsTextiles

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Kraig secures further funding for Vietnam facility

14/03/2019
Developer of spider silk based-fibres Kraig Biocraft Laboratories has announced that it recently closed a $1 million-round of private financing to fund expansion of production at its new facility in Vietnam.

The fresh funding will go towards supporting advanced research operations and other corporate initiatives at its site in Quang Nam province. Kraig now plans to ramp up silk production at this larger factory. 

Making the announcement, chief operating officer Jon Rice said: “Securing this bridge financing was a key piece to funding the company’s commercial expansion strategy and puts us in a strong position as we shift operational focus to production. This capital is necessary to support commercial expansion, which is essential in establishing market channel collaborations for consumer products.”

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