Published
Oct 18, 2018
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Silk Inc. raises $30 million in Series B funding to grow apparel presence

Published
Oct 18, 2018

Silk Inc., best known for its skincare products, has announced the closing of a $30 million investment round, which the company will use to grow the use of their eco-friendly silk in the apparel industry.


With this new funding,Silk plans to scale up production as public interest in sustainable fashion grows. - Via Silk Inc.


The company said this new Series B funding "will catapult the company's innovations into the rapidly growing $886 billion green chemistry market... [and] allow Silk to launch their safe chemistry into the trillion-dollar fashion and textile industry." 

This round of 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," Vinik said in a release. "The team behind Silk, and their strategic approach to Liquid Silk technology's applications... is both innovative and creative at a time when these sectors desperately need more of both."

Silk Inc.'s Liquid Silk technology is a non-GMO polymer thread made from silkworm cocoons and manufactured in Silk's Boston facility. The raw material is organic as well as sustainably produced without petrochemical feedstock. With this new funding, Silk plans to scale up production as public interest in sustainable fashion grows. 

"For years consumers have been obsessed with what they put into their bodies through the food they eat," said Greg Altman, co-founder and chief executive officer of Silk. "We are now on the doorstep of a public health movement where people ask questions about what they put into their bodies through the clothing they wear, leading the fashion industry to seek clean, non-toxic chemistry solutions that protect the health of their customers and the environment."  

In addition to being used in clothing, the company's silk can also be used to replace petrochemicals in skincare, a fact exploited by the brand's skin care line, launched in 2015. 
 

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