US-based Silk Inc has secured $30 mn in funding, which it will use to scale up its Liquid silk technology to enter the textile finishing market. Liquid Silk, based on a solution derived from natural silk, is marketed as a ‘green’ alternative to synthetic coating and cosmetic additives. “For years consumers have been obsessed with what they put into their bodies through the food they eat,” says Silk Inc Co-Founder and CEO, Greg Altman. “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. Silk, as a platform that’s ready today, is uniquely positioned to help the apparel industry rid itself of harmful chemistry.” The Series B 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,” says Vinik. “The team behind Silk, and their strategic approach to Liquid Silk technology’s applications across the skincare and apparel landscape, is both innovative and creative at a time when these sectors desperately need more of both.”
Liquid Silk technology is made from the non-GMO polymer thread of silkworm cocoons and manufactured in Silk’s Boston facility. The company describes it as ‘inherently biocompatible’ and as a replacement for petrochemicals in many applications, including skincare. Silk launched a clinical-grade skin care line in 2015, and it recently launched in Harrods.
“Because we’ve proven it is commercially and economically viable, the promise of Liquid silk technology is virtually limitless, and this round of funding is an acknowledgment that an all-natural chemistry platform can go far beyond personal care products,” says Rebecca Lacouture, Co-Founder, President, and Chief Operating officer of Silk Inc. Founded in 2013, Silk says its patented Liquid Silk technology is biodegradable, biocompatible and a highly effective alternative to petrochemicals found in everyday consumer goods.