Ecovative, a US-based materials science company developing home-compostable biomaterials based on mycelium and backed by 3M’s corporate venturing unit, has raised $60m in its series D round.
Hedge funds Viking Global Investors, which led the round, Senator Investment Group and AiiM Partners and VC firm Trousdale Ventures and other investors provided the money.
This funding will support its Mycelium Foundry. Mycelium is the root structure of mushrooms and can grow materials that self-assemble into complex, fully-formed structures.
Ecovative said its total capital raised was now $100m after Senator Investment Group also participated in a 2019 raise for Ecovative.
In November 2013, Ecovative raised over $14m in equity financing from investors including the DOEN Foundation, a Netherlands-based charitable organization funded by proceeds of Dutch lotteries, and US-based technology and manufacturing conglomerate 3M Company, both of whom are existing investors.
Ecovative was founded in 2007 and incubated at Rensselaer Polytechnic Institute.
