MycoWorks Raises $45M in Series B Financing
SAN FRANCISCO, Nov. 17, 2020 /PRNewswire/ -- MycoWorks announced today the closing of a $45 million Series B financing to scale up and meet demand for Reishi™, the leading natural, non-animal leather material. WTT Investment Ltd. (Taipei, Taiwan) and DCVC Bio co-led the round, with major participation from new investors Valor Equity Partners, Humboldt Fund, Gruss & Co., and others, and existing investors Novo Holdings, 8VC, SOSV, AgFunder, Wireframe Ventures, Tony Fadell, and others.
Natalie Portman, John Legend, and several major fashion brands additionally participated in the investment round.
The announcement coincides with the company’s opening of a major new Reishi™ production plant in Emeryville, California. This facility will be used to meet the extraordinary demand for Reishi™ materials, and introduces proprietary systems to enhance productivity and to allow for further scaling of the business. The new plant increases production capacity for the company by over 10x and, together with this new funding, will pave the way for additional plants which are currently being designed and sited.
“At MycoWorks, we’ve 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’re delighted to welcome Natalie Portman and John Legend, whose support for sustainable options in the fashion industry will only further our traction,” said Matt Scullin, MycoWorks CEO. “Our customers-- major global luxury and footwear brands-- require the utmost quality and performance in their finished goods. They recognize that Fine Mycelium™ is the key to achieving this along with unmatched product sustainability and versatility.”
The Fine Mycelium™ breakthrough capabilities are behind Reishi™, a new class of sustainable material that performs like cowhide leather--the only non-animal, non-plastic material that can do so--offering unparalleled performance. As such, it is the first and currently only material to offer a sustainable solution for the fashion and footwear industries that does not compromise on performance, quality, or aesthetics.
MycoWorks is uniquely positioned to meet the consumer demand for more sustainable, high performing materials. This is a result of close collaboration with fashion brands and their world-class fashion designers, and the company’s holistic approach that blends art, science, and design to yield the first natural, non-animal materials that fully perform to the standards of the fashion industry. Reishi™, in comparison to mushroom leathers, evokes the same confidence and emotion that animal leathers do, and is a world ahead in strength, durability, and hand feel in comparison to other similar materials in the marketplace.
Sheets of Reishi’s interwoven Fine Mycelium™ cells are grown to size and can be finely-tuned as it’s cultivated. This allows brands to think from material construction up, offering new design possibilities. The Reishi sheets are then finished by traditional tanneries with green, chrome-free chemistry, showcasing how MycoWorks brings technological innovation to the traditional craftsmanship that is essential to luxury fashion brands.
Consumers will see the first products made with Reishi™ in the coming months as MycoWorks announces its partnerships with leading global luxury fashion and footwear brands over that period. MycoWorks has seen accelerating demand for its products through 2020 despite the global downturn due to COVID-19.
For more information, please download the media kit here or visit MadewithReishi.com and MycoWorks.com.
About MycoWorks and Reishi™
In 2013, co-founders Philip Ross and Sophia Wang formed MycoWorks, a company dedicated to bringing new mycelium materials to the world. Their first product, Reishi™, and the proprietary platform to make it, Fine Mycelium™, are a groundbreaking approach to biomaterials that delivers unparalleled versatility and unmatched performance in strength, durability and hand feel. The perfect intersection of art and science, Reishi™ is the only natural material that performs like cowhide leather and is engineered to meet the highest quality standards. MycoWorks believes that new luxury means complete control over performance, quality, and sustainability.
Leah Lefco, BPCM
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