Amsilk raises 29 million euros
The manufacturer of biopolymers made from artificial silk has successfully completed its Series C financing. Money comes, among others, from a Scandinavian pharmaceutical group
Munich-based startup Amsilk has closed its third round of funding, raising €29 million. The round was led by Novo Growth, the growth equity arm of Danish pharmaceutical group Novo Holdings. Also participating as new investors are US trading company Cargill and Hamburg-based E.R. Capital Holding, as well as existing investors such as Munich-based VC MIG Verwaltungs AG and Athos. Amsilk plans to use the money to enter new markets. "It's exciting to have the support of high-tech investors like Novo Holdings to make our silk polymers available in industrial quantities to an even broader range of customers and industries," says CEO Ulrich Scherbel.
Amsilk is the first, industrial supplier of biopolymers made from artificial silk. The products are made from plant-based raw materials through bacterial fermentation. The material can be recycled and is completely biodegradable. Amsilk uses it to develop products such as high-performance sportswear and medical implants. "Amsilk's technology has the potential to revolutionize a number of industries and be part of the decarbonization push needed to address the biggest environmental challenges of our time," said Kartik Dharmadhikari, partner at Novo Growth. "The company has made immense progress in improving its high-performance bio-based materials and we are excited to lead this financing that will enable them to expand the business globally."
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