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AlgiKnit Bags raised US$2.4 million to accelerate Algae Bio-Yarns production

YarnsandFibers News Bureau 2021-04-05 06:49:41 – USA

This month, AlgiKnit raised US$2.4 million in a new round of funding led by Horizons Ventures, global sustainable fashion platform Fashion for Good, and renowned venture capital and accelerator SOSV. The new funds will help the New York-based biomaterials startup accelerate its development and, finally, bring its products to market, according to the company.

Since its inception in 2017, the company has produced long-lasting and biodegradable yarns and fibres made from kelp, a form of algae that is one of the most green species on the planet and helps to combat ocean acidification by absorbing carbon dioxide.

AlgiKnit believes that its fibres will substitute widely used fabrics such as polyester and nylon, which are manufactured from petroleum-based plastics and contribute to both the environment and waste crises. The fashion industry as a whole emits 10% of global greenhouse gas emissions, more than all global aviation and marine shipping combined, due to the use of non-sustainable and non-biodegradable materials.

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