AlgiKnit — a Morrisville, N.C.-based company developing yarns from kelp— has announced $13 million in Series A funding. The round was led by Collaborative Fund which was joined by H&M CO:LAB, the investment arm of H&M Group; Starlight Ventures, Third Nature Ventures with ongoing support from Horizons Ventures and SOSV.
According to AlgiKnit, as one of the most renewable and regenerative organisms on the planet, kelp is readily available and offers an opportunity to create a more environmentally conscious material for fibers and yarns.
The company recently opened a manufacturing facility in the Research Triangle area of North Carolina.“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.”