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Natural chemistry firm Silk raises $30mn Series B funding

23
Oct '18
Courtesy: PR Newswire/Silk Inc
Courtesy: PR Newswire/Silk Inc
Silk Inc, a natural chemistry company, founded in 2013 by experts Gregory Altman and Rebecca Lacouture, has closed a $30 million Series B funding round. The funding was led by Silk board member Jeff Vinik, the former manager of Fidelity's Magellan Fund and current owner of the Tampa Bay Lightning. Other investors include the Kraft Group and Roy P Disney.
 
"The investment in Silk is really an investment in the future, one in which we are advancing people's health, while achieving environmental stewardship, business performance, and technical innovation," said Jeff Vinik, Silk board member, in a press release. "The team behind Silk, and their strategic approach to Liquid Silk technology's applications across the skincare and apparel landscape, is both innovative and creative at a time when these sectors desperately need more of both."
 
Liquid Silk technology is made from the non-GMO polymer thread of silkworm cocoons and manufactured in Silk's Boston facility. Natural silk is organically and sustainably produced without petrochemical feedstock, making it one of the few truly sustainable raw materials in the market.
 
"Because we've proven it is commercially and economically viable, the promise of Liquid Silk technology is virtually limitless, and this round of funding is an acknowledgment that an all-natural chemistry platform can go far beyond personal care products," said Rebecca Lacouture, co-founder, president, and chief operating officer of Silk. "Our products improve the health of people and the planet, and accelerate the global conversation about the central role clean chemistry must play to achieve these goals."
 
Based in Boston, Massachusetts, Silk's natural chemistry platform is based on its patented Liquid Silk technology. The company's sustainably produced Liquid Silk is biodegradable, biocompatible and a highly effective alternative to petrochemicals found in everyday consumer goods. Its cross-industry applications include apparel, where Silk is teaming with leading fashion brands to replace synthetic finishing chemicals at commercial scale. The company is also known for its Silk therapeutics line of clinical-grade, minimal-ingredient skincare. (PC)

Fibre2Fashion News Desk – India


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