MycoWorks, a company developing a fungal-based biomaterial that it said could replace leather, has secured $125 million in Series C financing.
The round was led by Prime Movers Lab, with participation from new investors SK Networks and Mirabaud Lifestyle Impact & Innovation Fund, in addition to other new and existing investors including DCVC Bio, Novo Holdings.
The Series C funding round will be used to launch its first full-scale Fine Mycelium production plant to meet the company’s materials growth, including its flagship product, Reishi.
Based in Union County, SC, the facility is modeled after the company’s semi-automated Emeryville pilot plant that showcases the scalability of the Fine Mycelium process. In operation for one year, the pilot plant demonstrates high production yields, meeting target costs and bringing MycoWorks through its latest production milestone of 10,000 trays processed, said the company.
The new facility, slated to be operational in a year, will enable the initial mass-production of several million square feet of material per year. The financing will also support the expansion of its personnel, research and development and innovation.
“We are thrilled to partner with new and returning investors who have deep experience in manufacturing scale-up. MycoWorks’ Fine Mycelium platform produces the world’s highest-quality, leather-like material via a proprietary process that we own and operate,” said Matt Scullin, CEO, MycoWorks. “As the only vertically-integrated biomaterials company in the new materials space, we will use this new capital to continue growing our leadership position.”
MycoWorks announced its first partnership with Hermès in Spring of 2021 and said it is moving towards entering the market at a range of price points as it moves into mass production.
