Materials Innovator AlgiKnit Closes $13 Million Series A To Transform the Textile Industry's Environmental Impact
Summary
AlgiKnit is leveraging this readily available raw material to create yarns and bers for use in a diverse set of 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. The company sought to minimize its construction footprint by uptting its 15,000 square foot expansion with upcycled materials and second-hand furniture. Were thrilled to be leading AlgiKnits Series A round, and to be investing in a technology that is pushing the world towards a more sustainable future," said Sophie Bakalar, Partner at Collaborative Fund. "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. The company is providing a scalable and sustainable alternative for designers, manufacturers and consumers by utilizing materials with a signicantly lower environmental footprint than conventional textiles.AlgiKnit was founded in 2017 and is headquartered in North Carolinas Research Triangle Area, with an oce in New York, NY.For more information, visit , or reach out to .With over $500 million in assets under management, Collaborative Fund is a leading source of capital and strategic support for entrepreneurs pushing the world forward.