Mushroom leather firm raises $45 million, investors include A-listers Natalie Portman and John Legend

In San Francisco, mycelium materials firm MycoWorks has raised $45 million in a series B financing that it will use to boost capacity for its Reishi vegan leather amid interest from luxury fashion and footwear brands. 

The financing was led by WTT Investment Ltd. (Taipei, Taiwan) and DCVC Bio, with major participation from new investors Valor Equity Partners, Humboldt Fund, Gruss & Co., and others, and existing investors Novo Holdings, 8VC, SOSV, AgFunder, Wireframe Ventures, Tony Fadell, and others. Natalie Portman, John Legend, and “several major fashion brands” also participated. 

The announcement coincides with the company’s opening of a major new Reishi production plant in Emeryville, California that boosted capacity ten-fold. 

“At MycoWorks, we’ve created a biotech platform for the fashion and luxury industries that delivers the highest quality, most versatile natural materials on Earth. Our vision is to grow the future of materials. We have found partners in these investors who see the long-term potential for MycoWorks to transform many industries with our patented Fine Mycelium™ technology. Furthermore, we’re delighted to welcome Natalie Portman and John Legend, whose support for sustainable options in the fashion industry will only further our traction,” Matt Scullin, MycoWorks CEO, said in a statement.