Massachusetts-based natural chemistry company Silk Inc., closed a $30 million Series B investment round 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.
According to the company, the funds will be used to catapult it into the rapidly-growing $886 billion green chemistry market, 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.