Leading mycelium technology company Ecovative Design LLC has announced a Series E round funding of over $30 million, part of which will be used to scale up its Forager business.
- The latest fundraising round was led by Viking Global Investors and includes Standard Investments, FootPrint Coalition Ventures, and AiiM Partners, bringing the total raised by Ecovative to date to $120 million.
- The funding will support Ecovative's plans to scale its Forager business into a world-class supplier of sustainable textile and foam products.
The Company: Founded in 2011, Forager emerged from cutting edge research into mycelium materials, and in response to the pressing need for circularity in the fashion, apparel and automotive industries.
- Drawing from Ecovative’s Mycelium Foundry and AirMycelium production platform, it is working with industry leading brands and product designers to reimagine the way things are made.
- Ecovative's products and technologies are based on mycelium, the fibrous 'roots' of mushrooms.
The Technology: Fed on leftover plant fibres, mycelial growth is guided to produce high quality materials and products that are completely home compostable, plastic free, and cruelty-free.
- The ability to grow custom-tuned mycelium materials at scale is the foundation of Ecovative's Mycelium Foundry, a service for testing and developing new blockbuster materials for specific products and applications.
This is currently done in partnership with 15 brands and manufacturers across a range of industries, including Ecco Leather, Vivobarefoot, Wolverine Worldwide, Bestseller, Pangaia, PVH Corp, and others still to be announced.
- Over the last year, Ecovative has taken major steps to scale sustainable mycelium technologies:
- Commissioned 120,000 sq ft of new manufacturing facilities for mycelium bacon, textiles and foams.
- Built and handed off operations of the world's largest AirMycelium farm.
- Entered into product development agreements with 15 leading global brands for fashion and footwear.
- Acquired a state-of-the-art raw materials facility in the Netherlands.
- Installed and operated AirMycelium technology in an existing mushroom farm.
- Expanded Mushroom® Packaging with 20,000 sqft of production capacity.
WHAT THEY SAID:
We're proud of our team, and the immense progress they have made in a short time, rising to the occasion to bring mycelium technology to scale. Our goal is to hack capitalism to support Spaceship Earth: building factories that produce clean air, clean water, and healthy soil, while growing delightful materials that meet everyday needs and produce extraordinary profits.
— Eben Bayer
Co-Founder & CEO
Ecovative
