AlgiKnit Pulls $13M in Series A Funding
New York-based AlgiKnit Inc., an algae-based textile startup, is working towards scaling their production capabilities and expanding their team. The company has just announced they secured $13 million in Series A funding led by Collaborative Fund. H&M CO: LAB (the investment arm of H&M Group), Starlight Ventures, Third Nature Ventures, as well as previous backers Horizons Ventures and SOSV also participated in the round.
Their latest round of funding will support their circular economy mission as well as help to invest in its manufacturing and R&D divisions. The startup plans to increase its team, currently 20 people, and is actively hiring for 10 new roles at its headquarters in North Carolina.
The company is focused on revolutionizing the fashion ecosystem, transforming seaweed into fiber for a truly eco-conscious material choice. At present, fast fashion and the over production of textiles from non-sustainable materials is creating massive environmental impacts. To combat this, the company started developing materials from seaweeds such as Macrocystis pyrifera – one of the planet’s most renewable and regenerative organisms. With these materials, they can generate yarns and fibers without relying on petroleum or toxic chemicals.
The startup says its goal is to provide designers and brands with the tools and materials necessary to create a sustainable future for people and the planet. AlgiKnit’s fibers can be used in various form factors including knit and woven goods for apparel, interiors, furnishings, and even automotives.
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