Ecovative, a technology company that creates food, textiles, and packaging from mushroom-based mycelium – has secured a $60 million investment.
Mycelium is the fibrous root structure found in mushrooms and has been used more frequently in recent years by brands such as Adidas.
In the latest round, Viking Global Investors led the investment. Others included Senator Investment Group, AiiM Partners, Trousdale Ventures.
It brings Ecovatie‘s total capital raised to $100 million. The company says it will use the funds to power its ‘next generation’ mycelium production facility.
Evan Lodes, of Senator Investment Group, said: “Mycelium is a unique material that outperforms other sustainable alternatives in industries as diverse as fashion and food.
“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.”
Demand has spiked for the mushroom material, which can be used across a range of industries.
For example, vegan bacon brand Atlast Food Co. just secured its own injection of funds. This will help it hike production and scale its partnership with Ecovative.
The partnership will see the construction and operation of the ‘world’s largest’ aerial mycelium farm.
Ecovative’s CEO and founder, Eben Bayer said the investment will produce ‘immediate results’ for both the business and the planet.
Bayer added: “We have a track record of scaling and shipping mycelium-based products. This growth will accelerate our deployment of these important solutions at greater scale and across more industries.”
Another leading mycelium producer is MycoWorks. The company secured investment from Natalie Portman and John Legend last year. Since then, it has partnered with the luxury fashion house, Hermès.
You can find out more about Ecovative here