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. 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 diverse 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 closing of this round brings AlgiKnit’s total fundraising amount to .
9 million, solidifying the company’s position in the rapidly expanding biomaterials space and expediting the company’s time to scale. Building on the company’s expansion momentum, AlgiKnit is poised to disrupt the textile industry by offering a yarn built to combat environmentally harmful cycles of yarn and fiber production.
