Ecovative Design, a US-based materials science company which is developing home-compostable biomaterials based on mycelium, has 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.
Eben Bayer, chief executive officer and co-founder of Ecovative, said: “Ecovative has taken a disruptive concept for growing cost effective bio-materials and developed an award-winning product, Mushroom Packaging. As we continue to scale this technology in the U.S. with our licensing partner Sealed Air, we look forward to opening our material platform to multiple new markets, including building materials, automotive components, and structural cores. Ecovative is extremely proud of our investors, who are supporting our vision and represent a unique shareholder mix of both mission and profit oriented stakeholders.”
Ecovative was founded in 2007 and incubated at Rensselaer Polytechnic Institute.