Industrial supplier of synthetic silk biopolymers AMSilk GmbH has successfully closed a EUR29m (US$35m) Series C fundraise, led by Novo Growth, the growth equity arm of Novo Holdings.
AMSilk’s products are made from plant-based raw material via bacterial fermentation and are said to be are extremely versatile with extraordinary mechanical and biochemical properties, and have applications across many industries. The environmentally friendly, sustainable silk biopolymers can be fully recycled, are 100% biodegradable, and are suitable for use in high-performance sports clothing.
The financing will accelerate the ongoing scale-up of AMSilk’s industrial projects worldwide and drive further the internationalisation of its commercial activities as it continues to expand its customer base into new markets.
The financing also included new investors Cargill and ER Capital Holdings as well as existing investors MIG Verwaltungs AG and Athos KG. Kartik Dharmadhikari, Partner, and Anders Bendsen Spohr, senior partner at Novo Holdings will join the supervisory board.
“Together with our customers we work to create high-performance bio-based materials with the potential to revolutionise product offerings and drive change across various industries. It is exciting to have the support from high-technology investors, led by Novo Holdings, to make our silk polymers available in industrial quantities to an even broader range of customers and industries,” Ulrich Scherbel, CEO of AMSilk, said.
Dr Wolfgang Colberg, chairman of the advisory board, added: “With the inspiring support of our new and existing shareholders, we are in a strong position to establish AMSilk as one of the leading bio-materials companies in the world.”