MycoWorks Raises $125 Million in Series C Funding
San Francisco–based biomaterials company MycoWorks announced it has secured $125 million during its latest funding round.
The funding was led by Prime Movers Lab with additional participation from new investors SK Networks and the Mirabaud Lifestyle Impact & Innovation Fund. The funding will be used to launch the first full-scale Fine Mycelium production plant to meet the growing demand for the company’s materials, including its flagship product, Reishi, which is a leather-like product made from mushrooms. The Fine Mycelium process produces natural materials that rival the performance of traditional animal leathers while providing a lower environmental impact.
“We are thrilled to partner with new and returning investors who have deep experience in manufacturing scaleup. 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 of 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.”
The new production plant will be located in Union County, S.C., and is modeled after the company’s semiautomated Emeryville, Calif., pilot plant that successfully demonstrated the scalability of the Fine Mycelium process. The new facility is expected to be operational in a year and will enable the mass production of several million feet of Fine Mycelium materials per year. The funding will also support the company’s growing team as well as continued research, development and innovation to advance the Fine Mycelium platform.
MycoWorks announced its first partnership with fashion brand Hermès in the spring of 2021 and has additional contracts in place with other major luxury brands. It is working toward entering the market with a range of price points as it moves to scale production.