Mycelium technology business Ecovative Design LLC today announced the initial closure of a Series E financing totaling more than $30 million. The company is investing $15 million of the rise into its 2020-founded subsidiary, MyForest Foods Co. The money will be used to assist Ecovative’s goals to grow its Forager division into a premier producer of eco-friendly textile and foam products, while the investment in MyForest Foods will help it extend its retail presence along the Eastern Seaboard. With the most recent round of funding, led by Viking Global Investors and including Standard Investments, FootPrint Coalition Ventures, and AiiM Partners, Ecovative has now raised $120 million in total. Citi acted as the transaction’s consultants.
“Ecovative’s cutting-edge products address environmental sustainability,” aims in the food and materials industries using a business strategy. It’s a fascinating industry. Feike Sijbesma, previous CEO of DSM
Eben Bayer and Gavin McIntyre developed the first mycelium materials when they were undergraduates sixteen years ago. They later established Ecovative, which was the first business to market mycelium materials. It keeps taking the lead in the commercialization and scaling up of mycelium technology in a variety of sectors, including construction, automotive, food, and packaging.
Ecovative has made significant strides in the past year to scale up sustainable mycelium technologies:
- Put new manufacturing facilities totaling 120,000 square feet for mycelium bacon, fabrics, and foams into operation.
- Constructed and transferred management of the biggest AirMyceliumTM farm in the world.
- Signed contracts for the development of products withmore than 15 top international brands of clothing and shoes.
- Expanded Mushroom® Packaging, with a production area of 20,000 square feet.
- Mycelium, the fibrous ‘roots’ of mushrooms, is the foundation for Ecovative’s goods and innovations. Mycelial growth is directed to make high-quality materials and products that are entirely compostable at home, plastic-free, and animal-free by being fed on residual plant fibres. The core of Ecovative’s Mycelium Foundry, a service for testing and developing new breakthrough materials for certain goods and applications, is the ability to produce custom-tuned mycelium materials at scale. Currently, more than 15 companies and manufacturers from a variety of industries collaborate on this. ECCO Leather, Vivobarefoot, Wolverine Worldwide, BESTSELLER, Pangaia, PVH Corp., and additional brands that have not yet been revealed are among them.
“The power of mushrooms is incredible. Ecovative has proved the potential of mycelium across industries and established product-market fits that are already taking care of Earth’s needs. With enormous addressable markets and the ability to bring about genuine, long-lasting change for circular manufacturing, this is just the beginning. ― Jon Schulhof, the managing partner of Footprint Coalition Ventures
Mycelium technology has attracted a lot of interest recently from businesses, producers, and customers alike. By utilising biology to create high-performing, environmentally friendly materials and products, Ecovative is trying to address that need while maintaining a focus on the most promising environmental and economic applications.
“Our team has made tremendous progress, and we are incredibly proud of them.” including ECCO Leather, Vivobarefoot, Wolverine Worldwide, in a short time, rising to the occasion to bring mycelium technology to scale. Our goal is to hack capitalism to support Spaceship Earth: building factories that produce clean air, clean water, and healthy soil, while growing delightful materials that meet everyday needs and produce extraordinary profits.” — Eben Bayer, Co-Founder and CEO of Ecovative
