MycoWorks, a San Francisco, CA-based developer of a biotech platform for the fashion and luxury industries, closed a $45m Series B financing.
The round was led by WTT Investment Ltd. and DCVC Bio, 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 company intends to use the funds to scale up and meet demand for Reishi™, its natural, non-animal leather material.
The funding announcement coincides with the company’s opening of a major new Reishi™ production plant in Emeryville, California. This facility will be used to meet the demand for Reishi™ materials, and introduces proprietary systems to enhance productivity and to allow for further scaling of the business. The new plant increases production capacity for the company by over 10x and, together with this new funding, will prepare for additional plants which are currently being designed and sited.
Co-founded by Philip Ross and Sophia Wang in 2013 and led by Matt Scullin, CEO, MycoWorks has developed Reishi™, a new class of sustainable material that performs like cowhide leather offering a sustainable solution for the fashion and footwear industries that does not compromise on performance, quality, or aesthetics.
Consumers will see the first products made with Reishi™ in the coming months as the company announces its partnerships with leading global luxury fashion and footwear brands over that period.