Mushroom for growth: Fungi firm raises $60 million

April 5, 2021 |

In New York, mycelium-based materials firm Ecovative has raised $60 million to add capacity and advance development and commercialization in textiles, packaging and food sectors. 

The Series D round brings Ecovative’s total funding to $100 million. It was led by Viking Global Investors, and Senator Investment Group, Trousdale Ventures, and AiiM Partners also participated. 

Mycelium is the root structure of mushrooms and can be used to grow materials that self-assemble into resilient structures. 

“Mycelium is a unique material that outperforms other sustainable alternatives in industries as diverse as fashion and food,” says Evan Lodes, 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.” 

Ecovative  recently brought 100,000 pounds of annual capacity online to support growing demand for custom mycelium solutions from partners in industries ranging from packaging to tanneries. 

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Category: Chemicals & Materials

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