The company is increasing production of Forager™ Hides and Foams ahead of new commercial product launches in footwear and apparel.
Funds will expand regional availability of subsidiary MyForest Foods popular vegan meat alternative My®Bacon.
GREEN ISLAND, N.Y., June 6, 2023 – Ecovative Design LLC, the world’s leading mycelium technology company, today announced the initial closing of a Series E round of over $30 million. $15 million of the raise is being reinvested into its MyForest Foods Co. subsidiary, founded in 2020. The funding will support Ecovative’s plans to scale its Forager business into a world-class supplier of sustainable textile and foam products, while the investment into MyForest Foods will support its retail growth as its footprint expands across the Eastern Seaboard. The latest fundraising round was led by Viking Global Investors and includes Standard Investments, FootPrint Coalition Ventures, and AiiM Partners, bringing the total raised by Ecovative to date to $120 million. Citi served as advisors on the transaction.
“The innovative products of Ecovative are addressing environmental sustainability goals via a business approach in the food and materials industry. It is an exciting business.” — Feike Sijbesma, Former CEO DSM
As students 16 years ago, Eben Bayer and Gavin McIntyre created the first mycelium materials. They then went on to found Ecovative, the first company to introduce mycelium materials as a commercial category. It continues to lead in the commercialization and scaling up of mycelium technologies in industries including fashion and apparel, automotive, food, packaging, and construction.
Over the last year, Ecovative has taken major steps to scale sustainable mycelium technologies:
• Commissioned 120,000 sqft of new manufacturing facilities for mycelium bacon, textiles and foams.
• Built and handed off operations of the world’s largest AirMycelium™ farm.
• Entered into product development agreements with over 15 leading global brands for fashion and footwear.
• Acquired a state-of-the-art raw materials facility in the Netherlands.
• Installed and operated AirMycelium™ technology in an existing mushroom farm.
• Expanded Mushroom® Packaging with 20,000 sqft of production capacity.
Ecovative’s products and technologies are based on mycelium, the fibrous ‘roots’ of mushrooms. Fed on leftover plant fibers, mycelial growth is guided to produce high quality materials and products that are completely home compostable, plastic free, and cruelty-free. The ability to grow custom-tuned mycelium materials at scale is the foundation of Ecovative’s Mycelium Foundry, a service for testing and developing new blockbuster materials for specific products and applications. This is currently done in partnership with more than 15 brands and manufacturers across a range of industries, including ECCO Leather, Vivobarefoot, Wolverine Worldwide, BESTSELLER, Pangaia, PVH Corp, and others still to be announced.
“It’s amazing what mushrooms can do. Ecovative has shown mycelium’s potential across industries, demonstrated product-market fits that are already addressing the needs of the Earth. And this is just the beginning, with huge addressable markets and the potential to make real, lasting change for circular manufacturing.” — Jon Schulhof, Managing Partner at Footprint Coalition Ventures
Mycelium technology has gained immense interest in recent years from brands, manufacturers and consumers alike. Ecovative is working to meet that demand while staying focused on the most promising commercial and environmental applications, using biology to produce high performing, planet-friendly materials and products.
“We’re proud of our team, and the immense progress they have made in a short time, rising to the occasion to bring mycelium technology to scale. Our goal is to hack capitalism to support Spaceship Earth: building factories that produce clean air, clean water, and healthy soil, while growing delightful materials that meet everyday needs and produce extraordinary profits.” — Eben Bayer, Co-Founder and CEO of Ecovative
Director of Marketing, Ecovative
Ecovative is a biological science and design company, advancing mycelium technology to transform industries with high quality, Earth-friendly materials. Founded in 2007, Ecovative makes mycelium materials and products commercially competitive and accessible to everyone. Leveraging its Mycelium Foundry, with acres of dedicated production capacity and a range of industry leading partners, Ecovative grows better materials for everyday needs.