On June 29th, 2022, AlgiKnit, a US firm that creates sustainable textiles from seaweed, revealed that it had raised USD 13 million in Series A funding.
Leading the round was Collaborative Fund. H&M CO: LAB, the investment division of Swedish clothing giant H&M Group, Starlight Ventures, and Third Nature Ventures were among the new investors.
Participants included previous investors, Horizons Ventures, and SOSV.
AlgiKnit has already received USD 17.9 million in investment since its launch in 2017. Additionally, the North Carolina-based business revealed the launch of its brand-new production plant in the state’s Research Triangle area.
According to a statement from AlgiKnit, the facility is a “repurposed” area that has been furnished using used fixtures. This “highlights the company’s dedication to sustainability beyond its product.”
New York City is the location of the startup’s second office. The company plans to increase kelp-based yarn production with the Series A cash.
How the Process Works:
AlgiKnit creates yarns and fibers from kelp, a common seaweed that is “one of the most renewable and regenerating organisms on the earth,” according to the firm.
The startup produces yarn from a mixture of algae and plant biopolymers using a non-toxic wet-spinning process.
AlgiKnit describes the yarn as “strong, biodegradable, and hypoallergenic”. When products manufactured from the yarn become worn out, they can be recycled and reclaimed to make new yarn.
The goods of AlgiKnit could also be used in fields like interior design and automobile, in addition to fashion.
Why is this important:
Conventional fiber production can result in significant greenhouse gas (GHG) emissions and water pollution when used to make clothing, footwear, and home textiles.
Some fibers used in manufacturing clothes and footwear come from the agrifood industry. In contrast, others are synthetic and share the sustainability problems with the chemicals and agrifood industries, respectively.
The EU estimates that the production of clothing and footwear is responsible for about 10% of all greenhouse gas emissions worldwide, which is greater than all international air travel and maritime commerce.
In 2015, the textile and apparel industry utilized 79 billion cubic meters of water. Approximately 2,700 liters of water, or 2.5 years’ worth of water for one person, is used to produce one t-shirt.
What the founder has to say:
AlgiKnit co-founder and CEO Tessa Callaghan said in a statement:
“With the launch of our new facility, [we] are committed to growing our manufacturing capabilities, alliances, and staff to more swiftly meet worldwide demand.
This is a significant next step in using this technology at a large scale and revolutionizing the apparel industry while bringing about real, good change for the planet.”
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