Silk Therapeutics, Inc., a specialty biomaterials company, announced the closing of an $11 million Series A3 financing. This round was led by Jeff Vinik, the former manager of Fidelity’s Magellan Fund and owner of the Tampa Bay Lightning, and legacy investor, the Kraft Group, along with support from additional existing investors Roy P. Disney, Lear Corporation, and Altman Health Investments. This concludes a total of $21 million within Series A funding based on significant progress made by Silk Therapeutics in both the skincare and fabric spaces.
“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,” said Greg Altman, chief executive officer, Silk Therapeutics. “We are elated to have Jeff Vinik join our core team of investors and our Board of Directors. Jeff brings tremendous experience, strategic insight and a willingness to guide us on expansion opportunities.”
Silk Therapeutics is primarily known for its clean and EWG VERIFIED™ skincare collections that feature pure, liquid silk as an active ingredient. After receiving five patent approvals in 2016, the company worked to build-out its new natural chemistry platform, which propelled the development of liquid silk at mass scale. After vigorous testing, Silk Therapeutics discovered use cases in fabric whereby liquid silk infused into the surface layer offers multiple benefits for the multi-billion dollar performance apparel industry. This new finding quickly attracted the attention of both new investors and clothing industry partners due to the company’s sustainable production processes, and increasing concern about unregulated, and often undisclosed chemicals in mass market apparel.
“Based on its intellectual property portfolio and vision for growth, there are endless opportunities across industry verticals for Silk Therapeutics,” said Jeff Vinik. “I truly enjoy collaborating with emerging private companies, especially in this case where the leadership team is visionary, committed to changing markets to improve health, and with a proven track record. Apparel is an exciting market for the immediate future, one where I feel we may own a true, competitive advantage.”
Educating the marketplace about the challenges and risks of today’s fabric chemistry is a priority for Silk Therapeutics. Apparel companies will now have a way to achieve the ultimate in comfort and performance without the addition of plastics, heavy metals and carcinogenic agents used to treat conventional fabrics. With new, diverse investors, shifting the apparel marketplace towards the more biocompatible and sustainable chemistry offered by liquid silk is the ultimate, long-term end goal.
Rebecca Lacouture, chief operating officer, Silk Therapeutics, added, “Liquid silk is a platform ingredient. It replaces emulsifiers, preservatives, and anti-bacterials — agents otherwise commonly used in both skincare and apparel -— and offers companies safer, more effective options to enhance the performance of everyday products in constant contact with the skin.”
