In Colorado, mycelium-based leather alternative maker MycoWorks has been acquired by private equity firm DFX Corp.
DFX aims to restructure the company to expand commercial sales of MycoWorks’ Fine Mycelium technology, which it says is valued at about $300 million.
“In partnership with our new private equity partner, DFX Corporation, MycoWorks is undergoing a necessary sea change in its leadership and operations,” MycoWorks Co-founders Philip Ross wrote on LinkedIn. “It is our honor to continue helping to steer this next stage of growth, just as we have from the very beginning.”
Brands such as Hermès ad Cadillac are already using MycoWorks’ leather alternative in their products, according to Green Queen.