US-based natural chemistry technology developer Silk has completed a $30m series B round led by Jeff Vinik that included fellow private investor Roy Disney and diversified conglomerate Kraft Group.
Silk has created a natural chemistry platform that utilises Liquid Silk, a proprietary substance derived from the polymer thread of silkworm cocoons. It was the basis of a line of skincare products Skin released in 2015, and it is now moving into the textile industry.
The company, which was formerly known as Silk Therapeutics, produces the silk itself without the petrochemical feedstocks that are often used to coat textiles in order to fulfil functions such as setting colour or repelling odours.
Rebecca Lacouture, Silk’s co-founder and COO, said: “Because we have 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.
“Our products improve the health of people and the planet, and accelerate the global conversation about the central role clean chemistry must play to achieve these goals.”
The round took the total raised by Silk to approximately $50m since it was founded in 2013. It closed its $20.4m series A round in October 2017 when Kraft and Vinik co-led an $11m series A3 tranche.
Other series A investors included Roy Disney, automotive component maker Lear Corporation, Highland Consumer Partners, Summer Road, BML Group, Sheri Disney and Altman Health Investments, a seed fund run by Silk co-founders Greg Altman and Rebecca Horan.
