AlgiKnit rides multi-million investment wave
US biomaterials developer AlgiKnit, a specialist in renewable kelp-derived yarns, has raised $13 million in a Series A funding round led by New York-based investor Collaborative Fund.
H&M Group’s venture capital arm, H&M Co:Lab, also joined the round, as did Starlight Ventures and Third Nature Ventures. Support from earlier-stage investors Horizon Ventures and SOSV is also ongoing, the developer said.
A partner at Collaborative Fund, Sophie Bakalar, commented that the investment firm was “thrilled” to have led the fundraising and described AlgiKnit as “a technology that is pushing the world towards a more sustainable future”.
This latest investment coincides with the opening of AlgiKnit’s new manufacturing base in North Carolina’s Research Triangle region, a facility which marks the next stage in the company’s accelerated scaling efforts, involving increased production, expanded partnerships and team building.
Co-founder and chief executive, Tessa Callaghan, called these latest developments “a huge next step” which would help AlgiKnit “address global demand more quickly”.
The company has raised $17.9 million in total since its founding in 2017.
Image: AlgiKnit.
