Ecovative Design
70 Cohoes Avenue, Green Island, NY, 12183, United States
Overview
Eben Bayer and Gavin McIntyre are fascinated by mushrooms growing on wood chips and observing how the fungal mycelium strongly bonds the wood chips together. This inspired them to think of new ways of using mycelium as a resin. In a class at Rensselaer called Inventor's Studio, they applied this new process for binding together insulating particles, creating Greensulate. Rather than just decreasing the environmental impact of conventional polystyrene foams, this invention creates a whole new paradigm where composite materials are literally grown, harnessing the incredible efficiency of nature. Shortly after founding the company, they won small grants from the American Society of Mechanical Engineers (ASME) and the National Collegiate Inventors and Innovators Alliance (NCIIA). This funding was used to create initial samples of the material. This proof of concept enabled the company to win bigger grants from the New York State Energy Research and Development Authority (NYSERDA) and the Environmental Protection Agency (EPA) to further develop the products. Since then, Ecovative has won many more awards and grants that have enabled the company to continue to grow and accelerate the production of these revolutionary eco-friendly materials. At Ecovative, they are passionate about sustainability. That is why they are working with nature to replace unsustainable plastics and foams with natural composites. Using innovative new materials and radical new technologies, their products perform at least as well as current state-of-the-art synthetics, but at a lower cost to both you and the environment.
- Total investments
- 2
- Lead investments
- 2
- Investments · 12mo
- 0
- Active investors
- 3
Sector focus
- Advanced Materials
- Biotechnology
- Innovation Management
- Sustainability
Investment portfolio
- MyForest Foods
Led · Series A · Jun 2023
MyForest Foods uses proprietary mycelium and AirMycelium™ farming technology to grow whole-cut, meatlike products; its flagship MyBacon is a mycelium-based meatless bacon. MyBacon is commercially available in over 100 retail locations across the Northeast and at multiple Fairway Market and Gourmet Garage stores in Manhattan. The company opened its Swersey Silos mycelium farm in July 2022 and has rapidly scaled production; it is also launching a second farm in Canada with Whitecrest Mushrooms Ltd. The $15 million Series A-2 raise is intended to support retail growth and expand the company’s foodservice presence across the Eastern Seaboard, including New York City. Leadership was updated with Greg Shewchuk named CEO while co-founder Eben Bayer remains chairman of MyForest Foods and continues as CEO of Ecovative. MyForest Foods produces sustainable, whole-cut plant-based meat alternatives using mycelium, the root structure of mushrooms, to grow nutrient-rich fibers that replicate meat textures and mouthfeel. Its first product, MyBacon, is a six-ingredient bacon alternative the company says delivers the taste, crunch and sizzle of pork bacon. MyForest is selling MyBacon direct-to-consumer and was available at the Honest Weight Food Co‑Op in Albany, NY, with wider availability expected in 2022. The company is an affiliate of Ecovative and is backed by Viking Global Investors and AiiM Partners. MyForest says it intends to develop additional whole-cut plant-based products and create a new category of whole-cut alternatives. Proceeds from the recently announced financing will be used for growth and working capital.
- Magical Mushroom Company
Led · Seed · Jun 2022
Magical Mushroom Company develops mycelium-based packaging that directly replaces plastic-based materials such as polystyrene and cardboard. The company combines agricultural waste with mycelium to produce biodegradable packaging claimed to decompose in 45 days, while remaining durable and comparable in price to fossil-fuel–derived alternatives. MMC's clients include Raymarine, BA Components, Castrads, Ffern, Selfridges, Lush, Seedlip and ID Watch. Launched in 2019, the business is led by CEO and founder Paul Gilligan. The company recently raised a £3 million seed round to fund the opening of its first raw material production plant. The financing is intended to scale production and supply commercially viable, lower-carbon packaging solutions across supply chains.