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Horizon Ventures grants $2.2 million series seed fund to AlgiKnit

AlgiKnit, a biomaterials company which is developing yarn spun from kelp, has received a$2.2 million series seed funds from Horizons Ventures. The funding aims to help the start-up in its manufacturing and commercialisation of bio-derived yarn.

AlgiKnit spins yarn from a combination of algae and plant biopolymers, primarily including kelp, one of the fastest growing organisms on earth. This seaweed absorbs the greenhouse gas carbon dioxide at a rate up to five times faster than land-based plants and improves marine habitats. By using a non-toxic wet-spinning process, the company aims to transform these biopolymers into a strong, hypoallergenic and compostable yarn. In theory, when products made from AlgiKnit’s yarn are worn out, they can be bio-recycled and reclaimed for the next generation of products.

Horizons Ventures, the private investment arm of Li Ka-shing, is a leading investor in some of the world’s most innovative companies and disruptive technologies including Facebook, Waze, Spotify, Siri, Improbable and Impossible Foods.

 

 
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