Diversified conglomerate Kraft Group has co-led an $11m series A3 round for US-based skincare product maker Silk Therapeutics that included car component manufacturer Lear Corporation also contributing.
Private investor Jeff Vinik co-led the round with participation from angel investor Roy Disney and Altman Health Investments, the seed fund run by Silk Therapeutics co-founders Greg Altman and Rebecca Horan.
Founded in 2013, Silk Therapeutics develops, manufactures and sells skincare products based on silk materials. It plans to expand into the performance apparel industry after conducting research that showed multiple benefits in infusing liquid silk into the surface layer of fabric can aid performance.
Silk has now raised approximately $21m in its series A round. Kraft Group provided $2m in series A1 funding in April 2015 and led Silk’s $6m series A2 in February 2016, investing alongside Lear, Highland Consumer Partners, Summer Road, BML Group, Sheri and Roy Disney and Altman Health Investments.
The company also raised $1.4m in funding in October 2014, according to a regulatory finding.
Greg Altman, Silk Therapeutics’ CEO, said: “Closing our series A is a massive milestone that validates our ongoing efforts to leverage natural liquid silk to replace unregulated chemicals in common consumer products.”
– Image courtesy of Silk Therapeutics, Inc.