Munich-based AMSilk has raised an additional €25 million in its Series C round, now bringing the rounds’ total to €54 million. According to the company, the new capital will be used to ramp up the industrial product and distribution of its bio-fabricated silk protein materials.
The Series C extension round was led by existing investor ATHOS (AT Newtec) with participation from Novo Holdings, Cargill, and MIG Capital via its MIG funds.
I’m fairly certain you don’t need me to remind you just how earth unfriendly the fashion industry can be. From Recover’s efforts to recycle cotton to Unfolded’s efforts to fight fast fashion, our industry is clearly aware of the damage we’ve all been doing and is doing something about it. And that’s to say nothing of the other other other industries that are consuming raw materials en masse.
While AMSilk might not be the sexiest name or topic that rolls off the tongue, the company’s approach to the production of plant-based raw materials is taking future generations into account.
Through its bio-fabrication platform, AMSilk is putting some fairly involved science to work to reprogramme microorganisms, enabling them to produce fully biodegradable silk proteins into usable forms such as powders, hydrogels, fibers, and coatings, all sans microplastics.
Use cases include sustainable, high-performance textile solutions that can be used in the apparel, aviation, footwear, and automotive industries, as well as surgical biotech materials,
“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,” said AMSilk CEO Ulrich Scherbel. “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.”