Vogue Business

One Step Closer to the Mainstream

Hermès-backed startup Mycoworks says it is ready to scale its mushroom leather alternative after proving its efficacy at scale via production runs for Hermès and securing new funding.

The San Francisco biotechnology firm has raised a $125 million Series C funding round led by Prime Movers Lab, alongside new investors SK Networks and Mirabaud Lifestyle Impact and Innovation Fund. The investment will be used to build its first full-scale manufacturing plant in South Carolina, giving it the capacity to produce several million square feet of its proprietary Fine Mycelium material, called Reishi, each year. A pilot plant in Emeryville, California last year produced over 10,000 trays of fine mycelium proving its possibility. One tray is equivalent to half an animal hide.

“With a $125 million cash injection secured, MycoWorks is ready to mass-produce alternative leather. The investment will be used to build its first full-scale manufacturing plant in South Carolina, giving it the capacity to produce several million square feet of its proprietary Fine Mycelium™ material, called Reishi™, each year.” – Bella Webb, Vogue Business.

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