Mycocycle, a Chicago, IL-based nature-inspired, woman-owned biotechnology company, raised $3.6M in funding.
The round was led by Closed Loop Partners’ Ventures Group, with participation from TELUS Pollinator Fund for Good, U.S. Venture, and the Illinois Department of Commerce and Economic Opportunity INVENT Fund.
The company intends to use the funds to deepen relationships with existing partners for waste materials, further scale its waste-to-value chain, and make key leadership hires for marketing, technology, and operations teams.
Led by Founder and CEO Joanne Rodriguez, Mycocycle is a nature-inspired biotechnology startup that leverages fungi to transform industrial waste into reusable materials. Founded in 2018, the company drives circularity in the construction supply chain and divert wastes from landfills. Mycocycle combines lab-cultivated fungi with debris at the point of waste generation to transform waste into new raw materials.
There are two main parts of Mycocycle’s circular business model:
- Mycocycle helps its customers use fungi to break down and detoxify waste materials at their own demolition or construction sites.
- Mycocycle produces harvestable raw materials that can go into products like industrial fillers, fibers, or foams.
Commenting on the news, Joanne Rodriguez said: “Mycocycle helps decarbonize the construction material supply chain through a cost-effective, sustainable process that produces useful raw material for the building industry.“
FinSMEs
09/05/2024