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Major funding for mushroom materials expansion

Ecovative has activated 100,000 pounds per year of new manufacturing capacity.

31st March 2021

Innovation in Textiles
 |  New York

Transport/​Aerospace

The demand for new biomaterials from the fashion industry is currently far outstripping current supply says Ecovative, the New York-headquartered developer of mycelium materials which has just raised $60 million in new funding.

The company’s MycoFlex mycelium foam offers a sustainable alternative to plastic-based materials for a wide range of applications ranging from skin care and beauty products to insulated jackets, thermal linings and high-performance footwear. Forager hides meanwhile offer significant advantages over leather.

Ecovative developed its AirMycelium manufacturing platform to produce mycelium at industrial scale, and recently activated 100,000 pounds per year of new manufacturing capacity to support growing demand.

With $100 million in total funding now raised, the company plans to grow expand industrial scale production building on more than a decade of experience producing mycelium materials for partners throughout North America, Europe and Asia.

As the root structure of mushrooms, mycelium has a unique biology that can be leveraged to grow materials that self-assemble into complex, fully-formed structures. Utilising proprietary bioreactors and workflows, Ecovative produces high-performance, low-environmental impact products for the textiles, food and packaging industries.

“Mycelium is a unique material that outperforms other sustainable alternatives in industries as diverse as fashion and food,” said Evan Lodes, a partner at Senator Investment Group and Ecovative board member. “Ecovative pioneered the field of mycelium materials and has invested in the research and development necessary to deliver it at the scale and cost required to make a significant impact.”

“Today’s investment in our next-generation Mycelium Foundry will produce immediate results for our business and the planet,” added Eben Bayer, CEO and co-founder of Ecovative. “We have a track record of scaling and shipping mycelium-based products. This growth will accelerate our deployment of these important solutions at greater scale and across more industries.”

The latest funding round was led by Viking Global Investors, with support from Senator Investment Group, AiiM Partners, Trousdale Ventures and other investors.

www.ecovative.com

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