Investors include SOSV and Horizons Ventures, which is among the backers of Impossible Foods.
According to vegconomist, the ethical fashion market will reach $8.25 billion by 2023 as consumers opt for greener options. Fashion accounts for a 10th of the world’s carbon emissions.
“We see the urgent need for new biomaterials for the fashion industry; consumers, manufacturers, and brands are waiting for REAL solutions. AlgiKnit’s kelp-derived biodegradable yarn, is a truly promising alternative for a better planet,” Horizon Ventures’ Wayne Cheng said in a statement.
AlgiKnit’s fibers can replace synthetic materials such as polyester and nylon and are appropriate for shoes, accessories, clothing, packaging, and home furnishings.
“It’s not enough to be sustainable, functionality is paramount,” says co-founder and Chief Innovation Officer Tessa Callaghan. “We want to be both the easy and sustainable choice for designers, manufacturers and consumers.”