Mycelium-based Italian start-up lands $12M funding round

In Italy, SQIM, formerly known as MOGU SRL, has successfully closed a €11 million funding round. Key investors such as CDP Venture Capital, ECBF VC, Kering Ventures, and Progress Tech Transfer have been contributing to the round, to support of SQIM’s technologies’ industrial growth, and consequently powering up its two business lines and brands – EPHEA™️ and MOGU™️.

The funding round, led by CDP Venture Capital with participation from ECBF VC, Kering Ventures, and Progress Tech Transfer, will enable SQIM to expand Industrial Scale-Up through the launch of a newly dedicated Demo Plant, while further accelerating Research and Development activities, and Strengthening the Team.

Established in 2015, and globally recognized as pioneer in mycelium-based technologies, SQIM is a multidisciplinary, innovation-driven biotech and biomaterials company. SQIM is at the forefront of material innovation, consistently delivering innovative materials and products by harnessing the natural power of fungal mycelia, and today primarily addressing markets including Fashion, Interior Design, and Automotive.