MycoWorks Secures$17M in Series A: Aims to Continue Material Innovations

By StartUp City | Tuesday, March 03, 2020

MycoWorks is determined to transform the commercial market and meet the demands of extraordinary customers with their innovative materials that can perform better than animal leathers or plastic. The company intends to use this capital to develop its mycelium based fabrics for the luxury fashion market.

FREMONT, CA: MycoWorks, the creator and developer of Reishi, a sustainable, mycelium leather alternative, closed $17 million in Series A round of financing. The round was led by DCVC Bio, with active participation from Novo Holdings and 8VC, Future Tech Labs, and AgFunder. 

The company intends to use this capital to develop its mycelium based fabrics for the luxury fashion market. 

MycoWorks is a biotechnology firm that specializes in making material from a kind of mushroom called Reishi, also known as Lingzhi mushroom. The brand’s material is already popular among various European luxury and footwear brands. The material is natural, commercially durable, and also workable for leather. Reishi, however, adds more scopes and versatilities for product design that cannot be achieved with animal hides.

Matt Scullin, CEO of MycoWorks, said, “Just as alternatives to meat have recently taken the food industry by storm, consumers are also looking for natural, non-animal materials to wear. With its incredible aesthetics, feel and performance, Reishi is the result of an entirely new and scalable manufacturing process that fills a clear need in the market. As a natural material we’ve harnessed as an incredibly strong skin, Reishi is the only material that can meet the quality standards of animal leathers. We’re excited to continue to grow our operations to meet demand from our brand partners.”

MycoWorks is supported by some of the leading capital venture firms in Silicon Valley, and they also have started shipping products. They are determined to transform the commercial market and meet the demands of extraordinary customers with their innovative materials that can perform better than animal leathers or plastic. The company currently owns two production facilities, and it intends to open a third commercial plant with a production capacity of 80,000 square feet of material per year for supporting the launch of products that have been prototyped and tested with significant luxury customers for over 18 months.

“MycoWorks meets the aspirations of luxury leather and meets the criteria for the new green economy. Large global luxury brands are lining up to bring Reishi products to market,” said Kiersten Stead, Managing Partner, DCVC Bio.

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