MIG portfolio company AMSilk completes EUR29 million financing round
MIG Verwaltungs AG (MIG AG), one of the leading German venture capital firms, has participated in the EUR29 million series C financing of AMSilk GmbH, Munich. MIG has backed AMSilk since 2008 with capital from several of its funds.
In addition to the continued support from seed investors MIG and Athos KG, new to AMSilk are Danish Novo Holdings, the US Cargill group and ER Capital which also joined the current financing round.
"With the strong team around CEO Ulrich Scherbel and support of the extended circle of investors, AMSilk is in a good position to scale up its proven business model and become one of the leading global companies in biomaterials," says Michael Motschmann, General Partner of MIG AG. "We very much welcome the fact that our long-standing portfolio company is gaining such heavyweight international investors who, like us, are convinced of the enormous potential of the technology and the business model."
AMSilk is a leading global supplier of synthetic silk. The innovative high-performance material supports the transition to better and more sustainable products. AMSilks organic silk is made from vegetable raw materials via bacterial fermentation and is extremely versatile with extraordinary mechanical and biochemical properties. The environmentally friendly, sustainable silk biopolymers can be fully recycled and are 100 per cent biodegradable. These materials are revolutionising products such as high-performance sportswear and driving state-of-the-art biomedical developments including medical implants.
With the help of both existing and new high-tech investors, AMSilk will now accelerate the path to wider market availability of its silk polymers in industrial quantities for an even wider range of customers and industries.
“Our continued investment in AMSilk mirrors our vision to invest in early biotech and deeptech companies and advance innovations that can move the world forward,” says Motschmann.