AlgiKnit Announces Fundraise To Turn Ocean Algae Into Scalable Bio-Yarns

AlgiKnit yarn prototype, BDC 2016

Today, AlgiKnit, the biomaterials company creating the next generation of environmentally conscious materials, announced it had raised $2.4 million, from investors including Horizons Ventures, Fashion for Good, and SOSV.

AlgiKnit is creating kelp-derived, biodegradable fibers and yarns to remediate harmful cycles of fast fashion. The company’s newly engineered fiber is derived from a seaweed called kelp, one of the most renewable organisms on the planet, absorbing CO2 and working against global warming and ocean acidification.

Over the past 2 years, AlgiKnit has significantly increased their scaling efforts and product development capacity. Additionally, with a growing team, AlgiKnit has also expanded their lab and office space to accommodate new equipment, hires, and research capabilities. This fundraise marks the latest milestone in further accelerating AlgiKnit’s company growth to propel them to the next stage of development and ultimately bring them closer to market.