Ecovative Design LLC, the eco-friendly materials company based in Green Island, NY, announced it initially closed on a Series E round of over $30 million.
Of the raise, $15 million will be reinvested into its MyForest Foods Co. subsidiary, founded in 2020. The funding will also support the company’s plans to scale its Forager business into a sustainable textile and foam product supplier, while the investment into MyForest Foods will support its retail growth as its footprint expands across the Eastern Seaboard.
Viking Global Investors led the latest fundraising round, including Standard Investments, FootPrint Coalition Ventures and AiiM Partners, bringing the total raised by Ecovative to $120 million. Citi served as an advisor on the transaction.
Founded in 2007 by Eben Bayer and Gavin McIntyre, Ecovative is credited with creating the first mycelium materials, and it continues to scale up mycelium technologies in industries including fashion and apparel, automotive, food, packaging, and construction.
“It’s amazing what mushrooms can do. Ecovative has shown mycelium’s potential across industries and demonstrated product-market fits that are already addressing the needs of the Earth. And this is just the beginning, with huge addressable markets and the potential to make real, lasting change for circular manufacturing,” said Jon Schulhof, managing partner at Footprint Coalition Ventures.
“We’re proud of our team and the immense progress they have made in a short time, rising to the occasion to bring mycelium technology to scale. Our goal is to hack capitalism to support Spaceship Earth: building factories that produce clean air, clean water, and healthy soil while growing delightful materials that meet everyday needs and produce extraordinary profits,” said Eben Bayer, co-founder and CEO of Ecovative.
Ecovative’s Mycelium Foundry, a service for testing and developing new materials for specific products and applications, is in partnership with more than 15 brands and manufacturers across a range of industries, including Ecco Leather, Vivobarefoot, Wolverine Worldwide, Bestseller, Pangaia, and PVH Corp.
