AMSilk, the first company in the world to provide vegan silk biopolymers for industrial use, has obtained an extra US $ 27 million in Series C financing.
The company that already owns an interest in AMSilk, ATHOS (AT Newtec), led the round, which also included Novo Holding, Cargill, and MIG Capital.
The company AMSilk obtained the funding it needed to expand in order to keep up with the rising demand for its products, which are based on silk proteins and used to create bio-fabricated materials for the garment industry.
Other robust, chemical-free, biodegradable materials that are currently available on the market, in addition to synthetic silk, include leather substitutes manufactured from mushrooms and another customisable composite made from plant-based waste, such as cork powder, rice hulls, and coconut fibre.
A number of fungi-based fabrics have been used by Stella McCartney, and Adidas has employed AMSilk’s synthetic silk biopolymers to create lightweight, high-performance sneakers.
The CEO of AMSilk, Ulrich Scherbel, reaffirmed the company’s goal of offering biodegradable, ecologically friendly fabrics to the fashion industry as well as to manufacturers of cosmetics and implants.
“We are delighted to have closed this successful financing round which validates our technology and underpins our ongoing development as we scale up and expand our commercial operations,” he said. “We will invest in technology to ensure that we continue to provide innovative, attractive solutions to our customers, and improve the commercial supply of our products to expand our business.”
AMSilk has raised money twice in the past two years. A previous round, which comprised ATHOS KG, Cargill, MIG Verwaltungs AG, and E.R. Capital Holdings, was led by Novo Growth, the growth equity division of Novo Holdings, which invested US $ 25.26 million.
