AlgiKnit, the materials innovator creating eco-conscious yarns from kelp, has announced a $13 million Series A funding to scale up and advance the company’s mission to improve the textile industry’s environmental impact. The round, led by Collaborative Fund, marks the start of a new phase of growth and collaboration for AlgiKnit. Other investors include H&M CO:LAB, the investment arm of H&M Group, Starlight Ventures, Third Nature Ventures, with ongoing support from previous investors Horizons Ventures and SOSV.
In its quest to offer more environmentally conscious materials for the heavily polluting fashion and textile industries, AlgiKnit chose to work with kelp, one of the most renewable and regenerative organisms on the planet. AlgiKnit is leveraging this readily available raw material to create yarns and ﬁbers for use in a diverse set of industries including fashion, interiors and furnishings, and automotive.
The fundraising announcement also commemorates the opening of the company’s new manufacturing facility in the Research Triangle area of North Carolina. For the new facility the company sought to minimize its construction footprint by ﬁtting its 15,000 square foot expansion with upcycled materials and second-hand furniture.
“The building process was predicated on creating a vibrant, innovative working environment without compromising our commitment to the planet. From utilizing an existing space that met our speciﬁcations, to reusing and repurposing as much as we possibly could, sustainability was always top of mind,” said Co-Founder & COO Aleksandra Gosiewski, who led the company’s expansion to North Carolina.
The closing of this round brings AlgiKnit’s total fundraise amount to $17.9 million, solidifying the company’s position in the rapidly expanding biomaterials space and expediting the company’s time to scale.
With the company’s expansion, AlgiKnit is poised to promote a yarn built to combat environmentally harmful cycles of yarn and ﬁber production. “The textile industry is responsible for as much as 8% of the world’s CO₂ emissions — in addition to being massively polluting and water-intensive,” said Sophie Bakalar, Partner at Collaborative Fund. “We’re thrilled to be leading AlgiKnit’s Series A round, and to be investing in a technology that is pushing the world toward a more sustainable future.”
“With the opening of our new facility in the Research Triangle area of North Carolina, we are focused on expanding our production capabilities, partnerships, and team to address global demand more quickly,” said AlgiKnit co-founder and CEO, Tessa Callaghan. “This is a huge next step in bringing this technology to scale and transforming the fashion ecosystem.”
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