Ecovative develops materials and food products using a proprietary AirMycelium platform that grows mycelium at industrial scale for applications including MyBacon, Mushroom Packaging and Forager eco-materials. The company produces material at scale—claiming it can grow three million sq ft of material annually on one acre—and has MyBacon in over 600 retailers across the U.S. coasts. Recent capital is being used to expand MyBacon distribution from 600 to thousands of stores through 2025, and to scale production via a tripled packaging facility at its Green Island headquarters and an expanded Canadian plant that can add 1,000,000 lbs of product by 2025. Ecovative plans to commercialize AirLoom alt-leather hides for the 2025 season; those hides are grown in nine days with about half the emissions of conventional leather and are designed to integrate with existing tannery infrastructure. The company is converting Dutch mushroom farms into mycelium production facilities and says several commercial mushroom farms have expressed interest in joining its partner network. Ecovative develops and manufactures mycelium-based materials—grown on leftover plant fibers—for applications across fashion and apparel, food, packaging, automotive and construction. Its core product lines and services include the Forager business (textiles and foams), Mushroom® Packaging, and the Mycelium Foundry for custom material development. The company also operates MyForest Foods, a food subsidiary founded in 2020, and is expanding its retail footprint across the Eastern Seaboard. Over the last year Ecovative commissioned 120,000 sqft of new manufacturing for mycelium bacon, textiles and foams, built and handed off the world’s largest AirMycelium™ farm, acquired a raw materials facility in the Netherlands, and expanded Mushroom® Packaging with 20,000 sqft of production capacity. It partners with more than 15 brands and manufacturers, including ECCO Leather, Vivobarefoot, Wolverine Worldwide, BESTSELLER, Pangaia and PVH Corp. The company emphasizes that its materials are home compostable, plastic free and cruelty-free, and is focused on scaling manufacturing and retail distribution to meet growing brand and consumer demand. Financially, Ecovative announced an initial Series E closing of over $30 million (with $15 million reinvested into MyForest Foods) and has raised $120 million to date. Ecovative develops mycelium-based materials using biofabrication and modern materials science to serve industries including textiles, food and packaging. The company built the Mycelium Foundry and the AirMycelium™ manufacturing platform to produce mycelium at industrial scale. It recently activated 100,000 pounds per year of new manufacturing capacity to meet growing partner demand, including packaging suppliers and tanneries. Led by CEO and co‑founder Eben Bayer and founded in 2007, Ecovative works with partners to grow custom mycelium solutions for everyday needs. The company intends to use new funding to power a next‑generation Mycelium Foundry and further boost production. To date the company has raised $100M in total capital, including the recently announced round. Founded in 2007, Ecovative Design develops patent‑protected mycelium‑based materials that grow home‑compostable composites to replace plastic foams used in protective packaging, automotive components, building materials, shoes and floral foam. The company has also applied its mycelium expertise to create a lighter engineered‑wood replacement that eliminates the need for toxic glues. Ecovative works with licensing partners such as Sealed Air to scale production and commercial deployment. It recently opened a facility in Cedar Rapids, Iowa, to support growth of its Restore™ Mushroom® Packaging business in North America. The company plans additional protective‑packaging facilities in Europe and Asia and is actively seeking strategic partners. Ecovative raised equity financing to fund U.S. scaling and expansion into new markets including building materials, automotive components and structural cores.

Total raised

$132M

Funding rounds

4

Latest round

Equity

Latest activity

Sep 2024