In New York, mycelium materials company Ecovative Design has raised $30 million in a Series E financing.
Half of the funds will be used by its plant-based foods subsidiary, MyForest Foods Co., and the other half will support Ecovative’s plans to scale its Forager business into a world-class supplier of sustainable textile and foam products.
The latest 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. Citi served as advisors on the transaction.
Ecovative’s products and technologies are based on mycelium, the fibrous roots of mushrooms. Fed on leftover plant fibers, mycelial growth is guided to produce materials that are completely home compostable, plastic free, and cruelty-free.
“It’s amazing what mushrooms can do,” said Jon Schulhof, Managing Partner at Footprint Coalition Ventures. “Ecovative has shown mycelium’s potential across industries, demonstrated product-market fits that are already addressing the needs of the Earth. And this is just the beginning, with huge addressable markets and the potential to make real, lasting change for circular manufacturing.”