San Francisco based start-up MycoWorks announced the closing of a $45 million Series B financing round led by WTT Investment Ltd. and DCVC Bio, with participation from new, and existing investors including major fashion brands and celebrities Natalie Portman and John Legend.
MycoWorks plans to scale up and meet demand for more sustainable, high performing materials such as vegan leather alternatives made from mushrooms. The start up closely collaborates with fashion brands and world-class fashion designers, to create cruelty-free materials that fully perform to the standards of the fashion industry such as their signature material Reishi. It is the first and currently only material to offer a sustainable solution for the fashion and footwear industries that does not compromise on performance, quality, or aesthetics.
The startup is opening a new Reishi production plant in Emeryville, California allowing to increase production capacity for the company by over 10 times. The facility will be used to meet the extraordinary demand for Reishi™ materials, and introduces proprietary systems to enhance productivity and to allow for further scaling of the business.
Sheets of Reishi's Fine Mycelium™ cells are grown to size and can be finely-tuned as it's cultivated. This allows brands to think from material construction up, offering new design possibilities. The Reishi sheets are then finished by traditional tanneries with green, chrome-free chemistry, showcasing how MycoWorks brings technological innovation to the traditional craftsmanship that is essential to luxury fashion brands.
"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. "Our customers-- major global luxury and footwear brands-- require the utmost quality and performance in their finished goods. They recognize that Fine Mycelium™ is the key to achieving this along with unmatched product sustainability and versatility."
The first products made with Reishi™ will launch in the coming months as MycoWorks announces its partnerships with leading global luxury fashion and footwear brands soon.