MycoWorks, creator of a fine mycelium leather, raised $17m in Series A financing.
The round was led by DCVC Bio, with major participation from Novo Holdings and 8VC, as well as Future Tech Labs, AgFunder, Susa Ventures, Cthulhu Ventures, and Wireframe Ventures.
The company intends to use the funds to scale production of Reishi, its non-plastic, non-animal material that performs like leather. The company’s Reishi material is already used by multiple European luxury and footwear brands as a commercially viable natural, sustainable option for leather.
Led by Matt Scullin, CEO, MycoWorks makes Reishi, an entirely new option for leather made from its Fine Mycelium™ technology. A proprietary woven cellular microstructure which emulates the collagen structure in animal leathers, Reishi Fine Mycelium provides brands with the same performance, quality and aesthetics as leather, without the use of animals or plastic’s impact on the environment.
The company currently operates two production facilities and is about to open a third commercial plant with a production capacity of 80,000 square feet of material per year to support the launch of products which have been prototyped and tested with major luxury customers for more than 18 months.