The new injection of funds comes from new investor Viking Global as well as existing investors AiiM Partners, Senator Investment Group, and Trousdale Ventures. The company itself focuses on creating textiles and packaging materials through the use of the root structure of mushrooms, a substance named mycelium. With its total capital raised at $100 million USD, Ecovative will be using the funds to increase production capacities and aid research and development efforts at its “Mycelium Foundry.”
The $60 million USD funding comes as interest and demand in sustainable leather alternatives continue to grow. Just last month, Hermès announced an exclusive partnership with MycoWorks, a start-up focusing on mycelium products which had already secured $45 million USD in Series B funding back in 2020, while Stella McCartney is launching a collection that uses Mylo, another mycelium-based material created by Bolt and Threads.
Elsewhere in business-related news, MapleStory developer Nexon has invested $847 million USD in Hasbro, Bandai Namco, Konami, SEGA Sammy, and more.