— Press Announcement
Preparing for consumer launch of Reishi™
MycoWorks Raises $45M in Series B Financing
MycoWorks is excited to announce that we have raised $45 million in Series B financing in tandem with the opening of a major new Reishi™ production plant in Emeryville, California. In this round of funding, Natalie Portman and John Legend participated along with WTT Investment Ltd., DCVC Bio, Valor Equity Partners, Humboldt Fund, Gruss & Co., and others, in addition to existing investors.
The new Emeryville facility uses proprietary Fine Mycelium™ systems to enhance productivity as we continue to scale the business and meet the extraordinary demand for Reishi™. We look forward to increasing production tenfold while continuing to focus on producing the highest quality materials in collaboration with our brand partners.
“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,” said Matt Scullin, MycoWorks CEO.
Reishi™ evokes the same emotions and confidence that animal leathers do, and is a world ahead in strength, durability, and hand feel in comparison to mushroom leather products in the marketplace.
Read the full press release here.