AMSilk raises EUR 29 M to accelerate commercialization of its high-performance bio-based silk polymers
- Financing led by Novo Holdings with participation from Cargill and ER Capital Holdings
- AMSilk to accelerate industrial scale-up and expand commercial operations into new markets
Munich, May 11, 2021
AMSilk GmbH (“AMSilk”), the world’s first industrial supplier of synthetic silk biopolymers, today announces the successful closing of a EUR 29 million Series C fundraise. The financing was led by Novo Growth, the growth equity arm of Novo Holdings, with participation from new investors Cargill and E.R. Capital Holdings as well as existing investors MIG Verwaltungs AG and ATHOS KG.
AMSilk is a world leader in supplying innovative high-performance bio-based silk materials with a vision to use its proprietary technology platform to lead the change to better and more sustainable products. Its products are made from plant-based raw material via bacterial fermentation, 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 and are 100% biodegradable. These materials are revolutionizing products such as high-performance sports clothing as well as driving state-of-the-art biomedical developments including medical implants.
The financing will accelerate the ongoing scale-up of AMSilk’s industrial projects worldwide and drive further the internationalization of its commercial activities as it continues to expand its customer base into new markets.
Ulrich Scherbel, Chief Executive Officer of AMSilk, said: “Together with our customers we work to create high-performance bio-based materials with the potential to revolutionize 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.” 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.”
Kartik Dharmadhikari, Partner at Novo Growth, stated: “AMSilk’s technology has the potential to revolutionize a number of industries and be part of the decarbonization push needed to overcome the biggest environmental challenges of our time. The company has made immense progress in enhancing its high-performance bio-based materials and we are delighted to lead this financing which will enable them to expand the business globally. This investment underscores Novo Holdings’ commitment to backing companies that will have a long-term, sustainable impact on society.”
Asheesh Choudhary, Global Business Development Director, Bioindustrial at Cargill, added: “The apparel industry is demanding bio-based materials that are good for people and the planet. We are excited by AMSilk’s innovation as it offers a sustainable and functional product to its customers. We are investing in AMSilk because our strategic interests are well aligned, and we are happy to be a part of enabling its growth.”
On behalf of the existing shareholders, Melissa Simon, ATHOS KG, stated: “As original investors in the company, we have witnessed the immense progress achieved to date and look forward to continuing to support AMSilk delivering on its vision.” Michael Motschmann, General Partner at MIG AG, added: “As an AMSilk seed investor, we are proud of the great strides the company has made since inception. Our continued investment in AMSilk mirrors our vision to invest in early biotech and deep tech companies and advance innovations that can move the world forward.”
Kartik Dharmadhikari, Partner, Anders Bendsen Spohr, Senior Partner at Novo Holdings, and Melissa Simon from ATHOS KG, will join the Supervisory Board.
Further Information: https://www.amsilk.com
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