The US yarn producer AlgiKnit has raised 13 million US dollars (12.5 million euros) as part of its Series A financing round. The start-up company founded in 2017, which uses its own process to produce environmentally friendly yarns and fibers from seaweed, can now “start a new phase of growth and collaboration,” the company said on Wednesday. The leading role in the financing round was taken over by the holding company Collaborative Fund, other new financiers were Starlight Ventures, Third Nature Ventures and H&M Co:lab, the investment arm of the Swedish textile group Hennes & Mauritz AB.
Including proceeds from the most recent round, AlgiKnit says it has raised a total of $17.9 million. The company underscored its growth ambitions just this month with the opening of a new manufacturing facility in the state of North Carolina.