GREEN ISLAND, N.Y., March 30, 2021 /PRNewswire/ -- Ecovative, the mycelium technology company, today announced a $60M Series D round to grow mycelium materials better and faster, in key markets, at industrial scale. Ecovative has mastered the science of mycelium to grow custom solutions for industry-leading brands seeking to increase their sustainable profile across verticals and geographies. The round, which brings Ecovative's total capital raised to $100M, was led by Viking Global Investors, with support from Senator Investment Group, AiiM Partners, Trousdale Ventures and other investors.
Ecovative is building on more than a decade of experience producing mycelium materials for partners throughout North America, Europe and Asia. This funding will power its next-generation Mycelium Foundry and support another 10x boost in production. Mycelium, the root structure of mushrooms, has a unique biology that can be leveraged to grow materials that self-assemble into complex, fully-formed structures. Utilizing proprietary bioreactors and workflows, Ecovative produces high-performance, low-environmental impact products for the textile, food and packaging industries.
"Mycelium is a unique material that outperforms other sustainable alternatives in industries as diverse as fashion and food," said Evan Lodes, Partner at Senator Investment Group and Ecovative board member. "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." Senator Investment Group also participated in a 2019 raise for Ecovative.
"The demand for new biomaterials in the fashion industry, such as mycelium, far outstrips the current supply. Ecovative is tackling this challenge head-on, committing to building a next-generation platform capable of producing mycelium at scale," said Katrin Ley, Managing Director of Fashion For Good.
Across industries, brands are exploring the use of biomaterials to improve their sustainability profiles, but finding high-performance materials that can be produced at industrial scale remains a challenge. Ecovative developed its AirMycelium™ manufacturing platform to produce mycelium at industrial scale, and recently activated 100,000 pounds per year of new manufacturing capacity to support growing demand from partners, ranging from packaging suppliers to tanneries, for custom mycelium solutions.
"Ecovative's deep experience in mushrooms has enabled a high throughput discovery platform that is yielding solutions that are scaling through new biomanufacturing technology," said Shally Shanker, Founder and Managing Partner of AiiM Partners. "This will play a key role in solving (or accelerating solutions to) substantive problems like climate emissions and toxic material waste."
"Today's investment in our next-generation Mycelium Foundry will produce immediate results for our business and the planet," said Eben Bayer, CEO and Co-Founder of Ecovative. "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."
In addition to the new funding, Ecovative also announced today that Steve Sherwood, Chairman of CWS Capital Partners, will be joining the company's board. The new financing comes on the heels of Ecovative's partnership with UK packaging licensee Magical Mushroom Company, which recently announced the opening of four more facilities to supply the UK and EU markets with green packaging solutions.
Ecovative is a materials science company unlocking the natural potential of mycelium with modern technology. Founded in 2007, Ecovative's mission is to create next generation materials through mycelium biofabrication and to make mycelium materials accessible to everyone. Leveraging its Mycelium Foundry, Ecovative works with partners throughout the textiles, food and packaging industries to grow better materials for everyday needs. To learn more, visit http://www.ecovative.com/.