SAN FRANCISCO – US start-up MycoWorks has raised US$125 million in Series C financing, which it says will be invested in a new manufacturing facility to scale production of its leather-alternative material and accelerate research and development.
The innovator’s material is made from mycelium, a root-like structure grown by various types of fungi to absorb nutrients.
Chief executive Matt Scullin believes the firm is well positioned amongst a growing pool of competition, telling Tech Crunch: “A lot of folks are entering the space because they see opportunity for it. However, their main approach is taking fibres and embedding plastic, which results in a low-quality material.”
