BOSTON, Oct. 18, 2018
Liquid Silk™ Chemistry Platform is Poised to Deliver Natural, Safe Innovation to the Fashion Industry
BOSTON, Oct. 18, 2018 /PRNewswire/ -- Silk Inc., a Massachusetts-based natural chemistry company, today announced the closing of a $30 million investment round, which will catapult the company's innovations into the rapidly growing $886 billion green chemistry market. These funds will allow Silk to launch their safe chemistry into the trillion-dollar fashion and textile industry and scale up production to meet global demand. Silk's move into the apparel market demonstrates the company's potential to disrupt the chemical industry as a whole with its safe, sustainable, and high-performance alternatives.
"For years consumers have been obsessed with what they put into their bodies through the food they eat. 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," said Greg Altman, co-founder and chief executive officer of Silk, Inc. "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 in this round 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. "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. Natural silk is organically and sustainably produced without petrochemical feedstock, making it one of the few truly sustainable raw materials in the market.
Virtually all textiles used in the manufacturing of clothing are coated with synthetic chemicals to achieve features such as hand feel, color setting, sweat wicking, and odor resistance. Because most of these chemicals are derived from fossil fuels, their production contributes to climate change and they may persist in the environment for generations. In the apparel market, these coatings—which can contain phthalates, parabens, and BPA—are undisclosed to the consumer and are potentially harmful to human health.
Natural silk is inherently biocompatible, so the company's silk can be used to replace petrochemicals in many applications, including skincare. Silk launched a clinical-grade skin care line in 2015, which delivered on the promise of a clean, non-toxic alternative to harsh, synthetics-laden personal care products. Born out of a passion for scientific innovation that will not harm people or the environment, Silk's skincare line has expanded rapidly, and 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," said Rebecca Lacouture, co-founder, president, and chief operating officer of Silk, Inc. "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."
About Silk Inc.
Based in Boston, Massachusetts, Silk Inc. exists to advance the world's health. Founded in 2013 by silk experts Drs. Gregory Altman and Rebecca Lacouture, Silk's natural chemistry platform is based on its patented Liquid Silk technology. The company's sustainably produced Liquid Silk is biodegradable, biocompatible and a highly effective alternative to petrochemicals found in everyday consumer goods. Its cross-industry applications include apparel, where Silk is teaming with leading fashion brands to replace synthetic finishing chemicals at commercial scale. The company is also known for its Silk Therapeutics line of clinical-grade, minimal-ingredient skincare.
About Jeff Vinik
Jeff Vinik is the former manager of the Fidelity Magellan Fund and is currently the principal owner of the Tampa Bay Lightning (NHL) and co-owner with Cascade Investment of Strategic Property Partners, a real estate company developing a $3 billion mixed-use project in Tampa Bay.
About The Kraft Group
The Kraft Group is a privately owned, family-operated company with a strong commitment to customer focus. The company's diverse interests are concentrated in five areas: paper/packaging manufacturing and forest products distribution; sports and entertainment; real estate development; private equity investing; and philanthropy.