US-based vegan leather developer MycoWorks has completed a $45m series B round that included pharmaceutical firm Novo and media, data and investment firm AgFunder.
The round was co-led by WTT Investment and DCVC Bio and also featured Valor Equity Partners, Humboldt Fund, Gruss & Co, 8VC, SOSV, Wireframe Ventures, undisclosed fashion brands and private investors Tony Fadell, Natalie Portman and John Legend.
MycoWorks has created a non-animal leather material called Reishi using an element of fungus known as mycelium. It just opened a new production facility that considerably increases its manufacturing capacity, and will the use the cash to grow its business.
Matt Scullin, chief executive of MycoWorks, said: “At MycoWorks, we have created a biotech platform for the fashion and luxury industries that delivers the highest quality, most versatile natural materials on Earth. Our vision is to grow the future of materials.
“We have found partners in these investors who see the long-term potential for MycoWorks to transform many industries with our patented Fine Mycelium technology. Furthermore, we are delighted to welcome Natalie Portman and John Legend, whose support for sustainable options in the fashion industry will only further our traction.”
DCVC Bio led a $17m series A round for the company in 2019 that included Novo, AgFunder, 8VC, Future Tech Labs, Susa Ventures, Cthulhu Ventures and Wireframe Ventures that was disclosed in February this year. Its earlier investors include SOSV and IndieBio.
