MycoWorks

MycoWorks

Produces sustainable mycelium-based leather alternative

About MycoWorks

Simplify's Rating
Why MycoWorks is rated
B
Rated B on Competitive Edge
Rated A on Growth Potential
Rated C on Rating Differentiation

Industries

Industrial & Manufacturing

Consumer Goods

Company Size

201-500

Company Stage

Series C

Total Funding

$181.9M

Headquarters

Emeryville, California

Founded

2013

Overview

MycoWorks produces a leather alternative called Reishi™, made from mycelium, which is a part of fungus. This material is designed to be sustainable and is appealing to fashion brands and designers seeking eco-friendly options. Reishi™ has already been used in luxury products, such as handbags and hats. The company has recently expanded its operations by opening a large facility in South Carolina, which is the first commercial-scale plant dedicated to producing Fine Mycelium™. This expansion reflects MycoWorks' commitment to meeting the increasing demand for sustainable materials in the fashion industry. Unlike traditional leather, Reishi™ offers a more environmentally friendly choice without compromising on quality. MycoWorks aims to capture a significant share of the growing leather goods market, which is projected to reach over $720 billion by 2030.

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Simplify's Take

What believers are saying

  • Growing demand for sustainable fashion boosts Reishi™'s market potential and adoption.
  • Partnerships with luxury brands like Hermès and Ligne Roset enhance brand visibility and credibility.
  • The new South Carolina facility enables efficient scaling to meet increasing demand.

What critics are saying

  • Competition from companies like Bolt Threads and Ecovative may impact market share.
  • Reliance on luxury markets could limit growth during economic downturns.
  • Operational challenges in large-scale production may affect profitability if not managed well.

What makes MycoWorks unique

  • MycoWorks offers Reishi™, a unique mycelium-based leather alternative, unlike traditional materials.
  • The company operates the world's first commercial-scale Fine Mycelium™ plant in South Carolina.
  • Reishi™ is integrated into luxury items, showcasing its premium market positioning.

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Funding

Total Funding

$181.9M

Above

Industry Average

Funded Over

3 Rounds

Series C funding is usually for startups that are doing well and are looking for more money to fuel major growth, such as acquiring other companies, expanding into global markets, or launching new product lines. Investors typically include larger venture capital firms and private equity.
Series C Funding Comparison
Above Average

Industry standards

$50M
$50M
Medium
$62M
SeatGeek
$100M
Oura
$125M
MycoWorks

Benefits

Health Insurance

Dental Insurance

Vision Insurance

Equity

401(k) Retirement Plan

FSA Accounts

Paid Parental Leave

Paid Holidays

Unlimited Paid Time Off

Growth & Insights and Company News

Headcount

6 month growth

-1%

1 year growth

-1%

2 year growth

0%
Designboom
Oct 11th, 2024
MycoWorks x paragone launch women-made mycelium leather objects at design miami.paris

Biotechnology company MycoWorks has joined forces with Paris-based design agency Paragone to launch the exclusive Mycelium Muse collection.

AgFunder News
Jul 22nd, 2024
Cadillac Unveils Concept Convertible Ev Featuring Mycelium-Based Décor From Mycoworks

[Disclosure: AgFunderNews’ parent co AgFunder is an investor in MycoWorks.]. General Motors has unveiled a concept car—the ‘SOLLEI’ convertible electric vehicle—featuring MycoWorks’ ‘Fine Mycelium’ bio-based materials in the interior. The luxury convertible includes MycoWorks’ biomaterials in the charging mats on the console, the door map pockets, and custom accessories, says the startup, which secured an undisclosed investment from GM Ventures—General Motors’ venture arm—in August 2022

PR Newswire
May 3rd, 2024
Mycoworks Welcomes Ginevra Boralevi To Leadership Team As Communications Executive

"I see an immense opportunity to grow the future of luxury with Reishi™. Having worked in this industry for twenty years, it's not often that one is able to have a hand in creating a new experience in art and design like the one we are building at MycoWorks," said Ginevra Boralevi on her new position as Director Communications at MycoWorks. "I am excited to bring my experience in the luxury sector to raise the awareness of a new material of excellence: natural, precious, unique —and good for the planet."Crafted from the intricate roots of mycelium, Reishi™ is a revolutionary textile material, unparalleled in its versatility and uniqueness. Reishi™ is not a replacement to leather, but a new material option for art and design to create with. It carries the legacy of nature's craftsmanship, seamlessly intertwining art with sustainability."My goal has always been that of our founders: to make the invisible visible," said Xavier Gallego, MycoWorks' VP of Marketing and Creative Director. "With Ginevra joining the executive team, the world of art and design can re-discover the unique expressions of Reishi™ and uncover new aesthetics with our precious natural mycelium material."Since September of 2022, MycoWorks' Paris office on Rue de la Paix, where Ginevra is based with the company's communications and product teams, is focused on providing dedicated support to their existing luxury partners, and collaborating with European designers, artists, brands and leather experts on projects Made with Reishi™

Vegconomist
Apr 2nd, 2024
Open Fung Initiative Launches To Fuel Fungi Innovation With Collaborative Knowledge

Fungi and fungal technologies show great potential for creating sustainable solutions in various fields, including food, materials such as leather, and medicine. However, the foundational scientific knowledge and tools required for these applications are not as advanced, leading to a lack of awareness about the benefits of fungi. But Open Fung, a new initiative dedicated to advancing fungi, has officially launched with a mission to build collective resources to facilitate innovative ways of working with these creatures that are not plants or animals. “We envision a future where humans engage with fungi so life and the planet may flourish,” says the future non-profit on its newly launched website

Vegconomist
Mar 14th, 2024
Report: Could Mycelium Leather Transform The Leather Market?

Key players in the production of mycelium leather includeMycoWorks, California, producer of materials including Reishi. Bolt Threads, California, producer of materials including Mylo. Ecovative, New York, operates several platforms including a specialized soft goods division called Forager which creates materials from its AirMycelium™ technology

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