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MORRISVILLE – Biomaterials company AlgiKnit has secured US$13 million in investment which will help scale the production of its kelp-based fibres.

Led by the Collaborative Fund – with support from H&M’s CO:LAB, Starlight Ventures and Third Nature Ventures – the funding coincides with AlgiKnit opening a new facility in North Carolina’s Research Triangle area.

“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. “This is a huge next step in bringing this technology to scale, and creating positive, tangible change for the planet.”

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