MycoWorks, based in San Francisco, announced the closing of a $45 million Series B financing to scale up and meet demand for Reishi, the natural, non-animal leather material.
WTT Investment Ltd. (Taipei, Taiwan) and DCVC Bio co-led the round, with major participation from new investors Valor Equity Partners, Humboldt Fund, Gruss & Co., and others, and existing investors Novo Holdings, 8VC, SOSV, AgFunder, Wireframe Ventures, Tony Fadell, and others. Natalie Portman, John Legend, and several major fashion brands additionally participated in the investment round.
The announcement coincides with the company’s opening of a Reishi production plant in Emeryville, CA. This facility will be used to meet the demand for Reishi materials and introduces proprietary systems to boost productivity and for further scaling of the business. The new plant increases production capacity over 10 times and the funding will move the needle for additional plants.
“At MycoWorks, we’ve created a biotech platform for the fashion and luxury industries that delivers the highest quality, most versatile natural materials on Earth. Our vision is to grow the future of materials. We have found partners in these investors who see the long-term potential for MycoWorks to transform many industries with our patented Fine Mycelium technology. Furthermore, we’re delighted to welcome Natalie Portman and John Legend, whose support for sustainable options in the fashion industry will only further our traction,” said Matt Scullin, MycoWorks CEO.
Photo courtesy MycoWorks