Dealflow | April 5, 2021

Ecovative secures $60 million to produce fungus-based materials

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, April 5 — Green Island, New York-based Ecovative produces sustainable materials from mycelium for textile, food and packaging.

The biotech company has raised $60 million to grow mycelium materials “better and faster at industrial scale,” the company said in a statement, including at Mycelium Foundry, its 35,000-square-foot facility in New York.

Viking Global Investors led the Series D round, with Senator Investment Group, AiiM Partners, Trousdale Ventures and others. 

Fungus among us

Boulder, Colo.-based Meati is using mycelium to make plant-based meat products. San Francisco-based MyWorks uses mycelium to make durable, animal- and plastic-free leather (see, “MycoWorks secures $45 million to scale alt-leather production).