MycoWorks develops mycelium materials via its patented Fine Mycelium technology, a manufacturing platform that engineers mycelium during growth to form proprietary, interlocking cellular structures for increased strength and durability. The company intends to use new funds to advance R&D efforts and build more sustainable alternatives for designers. Founded by Philip Ross and Sophia Wang and led by CEO Matt Scullin, MycoWorks focuses on bringing new mycelium materials to market. The firm is based in San Francisco and was founded in 2013. The article does not disclose revenue, users, or other operating metrics. The most recent investment amount and instrument were not disclosed in the article. MycoWorks develops Reishi, a fungal-based biomaterial intended to replace traditional leather, produced via its proprietary Fine Mycelium biotechnology platform. The company was founded in 2013 by Philip Ross and Sophia Wang and is led by CEO Matt Scullin. MycoWorks has established partnerships with major luxury brands, including an initial collaboration with Hermès, and reports contracts with a range of global luxury houses. The company validated its tray-based manufacturing process at a pilot plant in Emeryville, California, processing 10,000 trays and demonstrating scalability. With the new funding it plans to build a production plant in Union, S.C., target mass-scale production (initially several million square feet per year), and expand team, R&D and technology development. Management positions the product both for high-end luxury use and eventual broader price-point availability as it scales manufacturing. MycoWorks develops Reishi™, a natural, non-animal leather material designed for the fashion and luxury industries. The company positions Reishi™ to perform like cowhide while offering a sustainable alternative for fashion and footwear. It intends to use new funds to scale production and meet growing demand. MycoWorks has opened a major Reishi™ production plant in Emeryville, California that introduces proprietary systems to boost productivity and increases capacity by over 10x. Additional plants are being designed and sited to support further scaling. The company plans to roll out consumer products in the coming months as it announces partnerships with leading global luxury fashion and footwear brands, and celebrity investors participated in the round. MycoWorks develops Reishi, a fine mycelium leather produced via its proprietary Fine Mycelium™ technology that emulates the collagen structure of animal leathers. The company says Reishi provides the same performance, quality and aesthetics as leather without the use of animals or plastic. Reishi is already used by multiple European luxury and footwear brands, and products have been prototyped and tested with major luxury customers for more than 18 months. MycoWorks currently operates two production facilities and is about to open a third commercial plant with a production capacity of 80,000 square feet of material per year. The company plans to use the $17M Series A financing to scale production of Reishi. Matt Scullin is CEO of MycoWorks.

Total raised

$187M

Funding rounds

4

Latest round

Series C

Latest activity

Jan 2022