MycoWorks Grabs $45M Series B Funding Round

MycoWorks has announced the closing of a $45 million Series B financing to scale up and meet demand for Reishi™, the leading natural, non-animal leather material. WTT Investment Ltd. (Taipei, Taiwan) and DCVC Bio co-led the round, with major participation from new investors Valor Equity Partners, Humboldt Fund, Gruss & Co., and others, and existing investors Novo Holdings, 8VC, SOSV, AgFunder, Wireframe Ventures, Tony Fadell, and others.

Natalie Portman, John Legend, and several major fashion brands additionally participated in the investment round.

In 2013, co-founders Philip Ross and Sophia Wang formed MycoWorks, a company dedicated to bringing new mycelium materials to the world. Their first product, Reishi™, and the proprietary platform to make it, Fine Mycelium™, are a groundbreaking approach to biomaterials that delivers unparalleled versatility and unmatched performance in strength, durability and hand feel. The perfect intersection of art and science, Reishi™ is the only natural material that performs like cowhide leather and is engineered to meet the highest quality standards. MycoWorks believes that new luxury means complete control over performance, quality, and sustainability.