ALGIKNIT


Associated tags: Research Triangle, Kelp, Science, Textile, Renewable energy, SOSV, Seaweed, Triangle, Climate change, National Geographic, Carbon, Engineering, Knowledge, Research, Horizons Ventures, Ecosystem, World Economic Forum, Learning, Collaborative Fund, CTO

Materials Innovator AlgiKnit Closes $13 Million Series A To Transform the Textile Industry's Environmental Impact

Retrieved on: 
Wednesday, June 29, 2022
Research Triangle, Science, View, Triangle, Seaweed, CEO, SOSV, Climate change, Collaborative Fund, Foot, Growth, Industry, CO2, Kelp, Textile, Technology, Multimedia, Method, Lithium, Renewable energy

MORRISVILLE, N.C., June 29, 2022 /PRNewswire/ -- Today, AlgiKnit, the materials innovator creating eco-conscious yarns from kelp, announces $13 million in Series A funding to lower the textile industry's environmental impact by accelerating its journey to scale. The round, led by Collaborative Fund, marks the start of a new phase of growth and collaboration for AlgiKnit, further aligning the implementation and scale of its technology with venture backing. The round is joined by H&M CO:LAB, the investment arm of H&M Group, Starlight Ventures, Third Nature Ventures, and features ongoing support from previous investors Horizons Ventures and SOSV.

Key Points: 
  • MORRISVILLE, N.C., June 29, 2022 /PRNewswire/ -- Today, AlgiKnit , the materials innovator creating eco-conscious yarns from kelp, announces $13 million in Series A funding to lower the textile industry's environmental impact by accelerating its journey to scale.
  • With a mission to offer more environmentally conscious materials for the heavily-polluting fashion and textile industries, AlgiKnit is developing materials from a seaweed called kelp, one of the most renewable and regenerative organisms on the planet.
  • The company sought to minimize its construction footprint by uptting its 15,000 square foot expansion with upcycled materials and second-hand furniture.
  • AlgiKnit is a biomaterials company built by designers and backed by science to create new methods of textile production.

Seaweed Yarnmaker, AlgiKnit, Launches Innovation Hub in North Carolina to Scale Production of Eco-Conscious Yarns for Global Fashion Brands

Retrieved on: 
Wednesday, December 15, 2021
Triangle, Method, CTO, Ecosystem, Learning, Research Triangle, Growth, World Economic Forum, Industry, National Geographic, Kelp, Science, Horizons Ventures, SOSV, NEW, CEO, Research, Knowledge, Engineering, COO, Multimedia, Seaweed, Textile, Technology, Carbon, View, Renewable energy, Retail

The company will begin pilot projects with global brands from the new space in early 2022.

Key Points: 
  • The company will begin pilot projects with global brands from the new space in early 2022.
  • AlgiKnit has spent the last four years developing brand new technology to produce yarns on a commercial scale to meet the growing demand for carbon-neutral, toxic-free textiles.
  • In fact, roughly 342 million barrels of oil are used each year in the production of synthetic fibers.
  • AlgiKnit's investors include Horizons Ventures, SOSV, Fashion for Good; the company's supporters include the Postcode Lottery Green Challenge and National Geographic.