US-based artificial leather developer MycoWorks has secured $17m in series A funding from investors including agricultural media and investment firm AgFunder and pharmaceutical firm Novo.
The round was led by DCVC Bio and also featured 8VC, Future Tech Labs, Susa Ventures, Cthulhu Ventures and Wireframe Ventures. It took place in 2019 but was officially announced this week.
MycoWorks has created a fine leather substitute called Reishi which is made from mycelium fungus. The cash will support the growth of its manufacturing resources as it prepares to open a third production facility.
The company has not revealed details of its previous financing but both SOSV and IndieBio are among its earlier backers.
Matt Scullin, MycoWorks’ CEO, said: “Just as alternatives to meat have recently taken the food industry by storm, consumers are also looking for natural, non-animal materials to wear. With its incredible aesthetics, feel and performance, Reishi is the result of an entirely new and scalable manufacturing process that fills a clear need in the market.
“As a natural material we have harnessed as an incredibly strong skin, Reishi is the only material that can meet the quality standards of animal leathers. We are excited to continue to grow our operations to meet demand from our brand partners.”
Photo courtesy of MycoWorks.
