Print
More News

Wilmington-based Hemp Fabric Company Receives SEED Grant

By Jenny Callison, posted May 10, 2019
A young Wilmington company has received a $50,000 NC IDEA SEED grant, the Durham-based foundation announced Friday. Renaissance Fiber, which makes fabric from industrial hemp, was among six North Carolina startups that received the grants.

“We are a North Carolina company focusing on the production of high-quality fiber from industrial hemp. The US textile industry is growing again, and we are humbled to be a part of its revitalization,” the company states on its website. “Our material is suitable for a wide range of applications including textile, paper and composites. Renaissance Fiber contracts growers and can meet specific buyer requirements.”

Renaissance Fibers has two locations in the state: Wilmington and Yadkinville.

NC IDEA is a private foundation whose mission is to maximize the economic potential of North Carolina residents by supporting and nurturing high-growth entrepreneurial ventures in the state.

These six SEED grants bring the total number awarded to 142, for a total of $6 million.

“NC IDEA SEED offers early-stage companies the critical funding they need to scale faster,” officials stated in the release. "Our $50,000 grants are awarded to innovative startups with a proven concept — even if they are not yet profitable. The funds, along with mentorship and guidance, push companies forward and reduce risk associated with growing startups.

“In the grand scheme of a statewide economic development effort, $6M is a drop in the bucket," the release continued. "But for the 142 companies that have received this money, very early and when other traditional sources of capital won’t consider funding a young company, it is critical fuel for growth.”

SEED grants have been used for a variety of purposes, “but generally for validating critical assumptions of the business,” the release added.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Carolinemontgomery4

Why You Need Timely Financial Data

Caroline Montgomery - Adam Shay CPA, PLLC
Michaelhiggins 41019104338

An Undersea Tribute to Life

Michael Higgins - Dignity Memorial
Dave sweyer 300 x 300

Effective Marketing for Your Investment Property

Dave Sweyer - Sweyer Property Management

Trending News

Sen. Peterson Files Complaint About Hospital Process Ahead Of Vote

Vicky Janowski - Sep 16, 2019

Rise Southern Biscuits Closes Wilmington Location

Jessica Maurer - Sep 17, 2019

Credit Union Buys Nearly 9 Acres On South 17th St. In $4.4M Deal

Cece Nunn - Sep 17, 2019

County Commissioners Vote To Explore Hospital Sale

Vicky Janowski - Sep 16, 2019

As Interest Grows In Redevelopment Project, County Sets RFQ Meeting

Johanna Cano - Sep 17, 2019

In The Current Issue

What Lessons Did Florence Teach Us?

In the year since Hurricane Florence slammed into the Wilmington area, local governments and utilities have reviewed trouble spots and laid...


Low Industrial Space Has Impact

The Wilmington area might be losing out on some employers because of its lack of certain kinds of industrial space....


Brunswick Hospital Offers Diagnostic Heart Catheterizations

Novant Health Brunswick Medical Center has started providing diagnostic cardiac catheterizations and vascular studies, officials recently an...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

August 26, 2019 Power Breakfast: A Healthy Sale?
WILMA's Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`