AlgiKnit, a Morrisville, NC-based materials innovator creating eco-conscious yarns from kelp, raised $13m in Series A funding.
The round was led by Collaborative Fund, joined by H&M CO:LAB, the investment arm of H&M Group, Starlight Ventures, Third Nature Ventures, as well as previous investors Horizons Ventures and SOSV.
The company intends to use the funds to scale production to meet global demand for nature-driven solutions against climate change.
Co-founded by CEO Tessa Callaghan and COO Aleksandra Gosiewski, AlgiKnit is developing materials from a seaweed called kelp, one of the most renewable and regenerative organisms on the planet, to create yarns and fibers for use in a diverse set of industries including fashion, interiors and furnishings, and automotive.
In June, the company also opened of its new manufacturing facility in the Research Triangle area in North Carolina, which opened in June.
AlgiKnit was founded in 2017 and is headquartered in North Carolina’s Research Triangle Area, with an office in New York, NY.
FinSMEs
29/06/2022