Home / Knowledge / News / Textiles / Silk Therapeutics closes $11 m Series A3 financing
Silk Therapeutics closes $11 m Series A3 financing
04
Oct '17
Courtesy: Silk Therapeutics
Courtesy: Silk Therapeutics
Silk Therapeutics, a specialty biomaterials company, has closed an $11 million Series A3 financing. The round was led by Jeff Vinik, former manager of Fidelity's Magellan Fund and owner of Tampa Bay Lightning, and legacy investor, the Kraft Group, with support from additional existing investors Roy P Disney, Lear Corporation, and Altman Health Investments.

This concludes a total of $21 million within Series A funding based on significant progress made by Silk Therapeutics in both the skincare and fabric spaces.

"Closing our Series A is a massive milestone that validates our ongoing efforts to leverage natural liquid silk to replace unregulated chemicals in common consumer products," said Greg Altman, chief executive officer, Silk Therapeutics. "We are elated to have Jeff Vinik join our core team of investors and our board of directors. Jeff brings tremendous experience, strategic insight and a willingness to guide us on expansion opportunities."

Silk Therapeutics is primarily known for its clean and EWG Verified skincare collections that feature pure, liquid silk as an active ingredient. After receiving five patent approvals in 2016, the company worked to build-out its new natural chemistry platform, which propelled the development of liquid silk at mass scale. After vigorous testing, Silk Therapeutics discovered use cases in fabric whereby liquid silk infused into the surface layer offers multiple benefits for the multi-billion dollar performance apparel industry. This new finding quickly attracted the attention of both new investors and clothing industry partners due to the company's sustainable production processes, and increasing concern about unregulated, and often undisclosed chemicals in mass market apparel.

"Based on its intellectual property portfolio and vision for growth, there are endless opportunities across industry verticals for Silk Therapeutics," said Jeff Vinik. "I truly enjoy collaborating with emerging private companies, especially in this case where the leadership team is visionary, committed to changing markets to improve health, and with a proven track record. Apparel is an exciting market for the immediate future, one where I feel we may own a true, competitive advantage."

Educating the marketplace about the challenges and risks of today's fabric chemistry is a priority for Silk Therapeutics. Apparel companies will now have a way to achieve the ultimate in comfort and performance without the addition of plastics, heavy metals and carcinogenic agents used to treat conventional fabrics. With new, diverse investors, shifting the apparel marketplace towards the more biocompatible and sustainable chemistry offered by liquid silk is the ultimate, long-term end goal.

Rebecca Lacouture, chief operating officer, Silk Therapeutics, added, "Liquid silk is a platform ingredient. It replaces emulsifiers, preservatives, and anti-bacterials — agents otherwise commonly used in both skincare and apparel -— and offers companies safer, more effective options to enhance the performance of everyday products in constant contact with the skin." (SV)

Fibre2Fashion News Desk – India


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Top executives
Textile industry, India

The event should be organised every year

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search