AlgiKnit secures 13 million US dollars in funding
Materials innovator AlgiKnit, which creates eco-conscious yarns from kelp, has closed a 13 million US dollars Series A funding round led by Collaborative Fund.
The round was also supported by H&M Group’s investment arm H&M Co:Lab, Starlight Ventures, Third Nature Ventures, and features ongoing support from previous investors Horizons Ventures and SOSV.
The funding marks the start of a new phase of growth and collaboration for AlgiKnit, added the tech solutions company, and will help implement and scale up its technology to lower the textile industry’s environmental impact.
AlgiKnit is developing yarns and fibres from a seaweed called kelp, one of the most renewable and regenerative organisms on the planet, for use across several industries, including fashion, interiors and furnishings, and automotive.
AlgiKnit closes Series A funding round and opens new manufacturing facility
The funding news coincides with the opening of AlgiKnit’s new manufacturing facility in the Research Triangle area of North Carolina in the US. The expansion will help the materials innovator to “expedite scaling” of its yarn production in line with global demand for nature-driven solutions against climate change from the fashion and textile industries.
AlgiKnit co-founder and chief executive Tessa Callaghan, said in a statement: “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.
“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.”
The new facility also highlights the company’s commitment to sustainability beyond its product, as it has minimised its construction footprint by upfitting its 15,000 square foot expansion with upcycled materials and second-hand furniture.
Aleksandra Gosiewski, co-founder and chief operating officer at AlgiKnit, who led the company’s expansion to North Carolina, said: “The building process was predicated on creating a vibrant, innovative working environment without compromising our commitment to the planet. From utilising an existing space that met our specifications, to reusing and repurposing as much as we possibly could, sustainability was always top of mind.”
The closing of this round brings AlgiKnit’s total fundraising amount to 17.9 million US dollars.