Led by Collaborative Fund, AlgiKnit closed its $13 million Series A and officially opened its brand new facility in North Carolina's Research Triangle area to expedite scaling of yarn production and to meet global demand for nature-driven solutions against climate change.
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.
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. 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 by AlgiKnit also commemorates the opening of its new manufacturing facility in the Research Triangle area in North Carolina, which opened in June. AlgiKnit's new facility highlights the company's commitment to sustainability beyond its product. The company sought to minimize its construction footprint by upﬁtting 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. Building on momentum from the company's expansion, AlgiKnit is poised to disrupt the textile industry by offering 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. We're thrilled to be leading AlgiKnit's Series A round, and to be investing in a technology that is pushing the world towards a more sustainable future," said Sophie Bakalar, Partner at Collaborative Fund.
"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 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."
AlgiKnit is a biomaterials company built by designers and backed by science to create new methods of textile production. The company is providing a scalable and sustainable alternative for designers, manufacturers and consumers by utilizing materials with a signiﬁcantly lower environmental footprint than conventional textiles.
AlgiKnit was founded in 2017 and is headquartered in North Carolina's Research Triangle Area, with an oﬃce in New York, NY.
About Collaborative Fund
With over $500 million in assets under management, Collaborative Fund is a leading source of capital and strategic support for entrepreneurs pushing the world forward. For more information, visit us at collaborativefund.com