# AlgiKnit

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/algiknit

- Industry: Materials
- Headquarters: Brooklyn, US
- Website: www.algiknit.com
- Total disclosed funding: $15M
- Latest round: Series A (Apr 7, 2022)
- Investors on record: 7

## About

AlgiKnit Inc., based in Brooklyn, US, develops innovative fiber technology from seaweed, offering sustainable alternatives to traditional textiles. Their products aim to address environmental issues in the fashion industry, promoting eco-friendly practices.AlgiKnit Inc. specializes in sustainable fiber technology derived from oceanic sources. Founded in 2017 by Aaron N, Aleks Gosiewski, and Tessa Callaghan, the company has undergone strategic pivots to solidify its focus on eco-friendly solutions. The company raised USD 13 mn in Series A funding on April 7, 2022, led by Collaborative Fund, bringing its total amount raised to USD 13 mn and current valuation to USD 43.241 mn. AlgiKnit has executed 4 deals to date.AlgiKnit Inc. offers Kelsun® fiber, a sustainable textile derived from seaweed biopolymers. This fiber serves as a biodegradable alternative to conventional textiles and targets fashion brands, textile manufacturers, and eco-conscious consumers. The company operates primarily in the North American and European markets, addressing the rising demand for sustainable materials.AlgiKnit Inc. generates revenue through B2B partnerships and direct sales of Kelsun® fiber to textile manufacturers and brands. Orders are placed based on production requirements, focusing on bulk sales to wholesalers and retailers to support scalable production and distribution. The company may also consider long-term partnerships to ensure a steady supply of its sustainable fiber products.In April 2022, AlgiKnit Inc. secured USD 13 mn in Series A funding to enhance production capabilities aimed at combating climate change. This funding will facilitate the development of new textile products and support expansion into additional markets. The company plans to target further geographic regions to broaden its impact on sustainable textiles.

## Funding rounds

- Series A, Apr 7, 2022, $13M — SOSV, Collaborative Fund, Horizons Ventures, Starlight Ventures, H&M Group Ventures, Third Nature Investments
- Seed, Nov 16, 2018, $2.2M — SOSV, Horizons Ventures
- Seed, Dec 22, 2017 — SOSV, IndieBio

## Investors

- SOSV (https://capitalatlas.ai/funds/sosv) — Seed, Series A
- IndieBio (https://capitalatlas.ai/funds/indiebio) — Seed
- Horizons Ventures — Seed, Series A
- Collaborative Fund (https://capitalatlas.ai/funds/collaborative-fund) — Series A
- Starlight Ventures (https://capitalatlas.ai/funds/starlight-ventures) — Series A
- H&M Group Ventures — Series A
- Third Nature Investments (https://capitalatlas.ai/funds/third-nature-investments) — Series A