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.

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