AMSilk, a Planegg, near Munich, Germany-based bio-based silk supplier, raised €29M in Series C funding.
The company intends to use the funds to:
- accelerate the ongoing scale-up of its industrial projects worldwide,
- drive further the internationalization of its commercial activities as it continues to expand its customer base into new markets.
The round was led by Novo Growth, the growth equity arm of Novo Holdings with participation from new investors Cargill and E.R. Capital Holdings as well as existing investors MIG Verwaltungs AG and ATHOS KG. In conjunction with the funding, Kartik Dharmadhikari, Partner and Anders Bendsen Spohr, Senior Partner at Novo Holdings, will join the Supervisory Board.
Led by Ulrich Scherbel, Chief Executive Officer, AMSilk is an industrial supplier of synthetic silk biopolymers. Its products are made from plant-based raw material via bacterial fermentation, have mechanical and biochemical properties, and have applications across many industries.
The company offers its high-performance Biosteel® fibers for textiles and industrial applications worldwide and has announced collaborations and partnerships with brands like Adidas and Airbus. The organic high-performance material can be used in multiple ways and is suited for medical devices as well as for personal care products.