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Bolt Threads secures $50 million in funding
12
May '16
US bio-technology firm producing engineered silk, Bolt Threads has raised $50 million in Series C funding from its existing investor, Formation 8 and from new investors like Nan Fung and Innovation Endeavors for further expansion.

Commenting on the funding, Jim Kim, founder and managing partner of Formation 8 said, “Bolt Threads’ engineered and elegant silks represent an opportunity to fundamentally impact and enable properties in clothing we never dreamt would be possible.”

“The $1.5 trillion textiles industry hasn’t achieved a major step forward since the 1930s, with the development of nylon,” he added.

Additionally, Dan Widmaier, CEO of Bolt Threads said, “Manmade fabrics like nylon and polyester have transformed the fashion industry, for better and for worse. The use of hydrocarbon polymers in these textiles has created a lingering toxic problem for the environment.”

“At Bolt Threads, we’re re-thinking textile manufacturing, producing high performance materials that are also not nearly as harmful to the environment as existing options,” he added.

Bolt Threads has also entered into a partnership with Patagonia, and is moving to yarn manufacturing. (MCJ)

Fibre2Fashion News Desk - India

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