To advance its food and fashion innovations, US mycelium startup Ecovative has closed a $28M financing round featuring strategic investors and existing shareholders.
The company behind brands like MyForest Foods, Forager, Mushroom Packaging and Grow.bio, Ecovative has now raised $145M since 2019. It now plans to expand the production and distribution of MyBacon, and introduce an alt-leather material for jackets and accessories under the Forager brand.
"The capital will be used to expand MyBacon from 600 to thousands of stores through 2025, providing the necessary working capital to support that growth," Ecovative founder and CEO Eben Bayer told Green Queen. "We'll also be launching Forager products with our customers, while onboarding new capacity to scale through 2026 and 2027."
He outlined the company's goal to "orchestrate material abundance" by growing performance materials for fashion and developing great-tasting foods with multi-pronged benefits. "This funding propels our mycelium technology forward, driving economic growth in regional communities and internationally," he said.
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