MycoWorks

MycoWorks

Produces mycelium-based leather alternative for fashion

Overview

MycoWorks produces Reishi™, a leather substitute made from mycelium, and sells it to fashion brands and designers. The material is grown at a commercial-scale Fine Mycelium™ process in a large facility, then processed into sheets and finished for use in luxury goods like accessories. It differs from conventional leather through scalable, dedicated production space and established partnerships with luxury brands, offering an eco-friendly, high-performance alternative. The goal is to expand commercial production and capture a meaningful share of the leather goods market by meeting growing demand for sustainable fashion materials.

Significant Headcount Growth

About MycoWorks

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

Industries

Industrial & Manufacturing

Design

Biotechnology

Consumer Goods

Company Size

51-200

Company Stage

Series C

Total Funding

$187M

Headquarters

Emeryville, California

Founded

2013

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Simplify's Take

What believers are saying

  • Leather goods market projected to reach $720 billion by 2030 from $400 billion in 2021.
  • Strategic partnerships with Hermès, Cadillac, and Ligne Roset validate commercial viability and luxury positioning.
  • DFX Corp acquisition and external mycelium sourcing reduce capital intensity while maintaining proprietary tanning technology.

What critics are saying

  • External mycelium sourcing exposes Fine Mycelium™ IP to theft by suppliers, enabling knock-off competition.
  • Rei-Tan tanning capacity constraints delay deliveries to Cadillac and Ligne Roset by 4-6 months.
  • Reishi™ patina wears 25% faster than animal leather, threatening premium brand positioning and orders.

What makes MycoWorks unique

  • Proprietary Fine Mycelium™ platform engineers fungal cells during growth for superior strength and durability.
  • Rei-Tan tanning technology creates luxury performance comparable to cowhide with unique patina development.
  • Reishi™ available in four finishes with industrial scalability for fashion, automotive, and furniture applications.

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Funding

Total Funding

$187M

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

-3%

1 year growth

5%

2 year growth

5%
Vegan Business
Feb 9th, 2026
MycoWorks acquired by investment firm DFX Corp in $300M deal to restructure sustainable leather operations

MycoWorks, a Denver-based startup pioneering sustainable leather from mycelium, has been acquired by investment firm DFX Corp in a significant restructuring move. The company, valued at approximately $300 million, had previously raised $187 million from investors including Natalie Portman, John Legend and General Motors. Under new leadership from DFX Corp's Daniel Frydenlund, MycoWorks is reorganising its operations whilst founders Philip Ross and Sophia Wang remain involved in advisory roles. Maud Ohler has been promoted to senior vice president of technology, leading development of the company's Fine Mycelium platform. The acquisition follows operational challenges, including the closure of MycoWorks' South Carolina facility last November. The company has shifted from cultivating its own mycelium to sourcing externally, focusing instead on its proprietary Rei-Tan tanning technology. Its flagship product, Reishi, has been used by brands including Hermès and Cadillac.

Green Queen
Feb 9th, 2026
MycoWorks: Celeb-Backed Mushroom Leather Pioneer Snapped Up by Investment Firm

US biomaterials startup MycoWorks has been acquired by DFX Corp and undergone a strategic restructuring to expand the reach of its Fine Mycelium technology.

PR Newswire
Jun 17th, 2025
Reishi™ In The Nordic Light - A New Era Of Tactile, Timeless Design

A Celebration of Innovation and HeritageRooted in the profound legacy of Danish design, the launch of Reishi™ in the Nordic Light is a bold testament to a heritage where functionality meets beauty, simplicity is celebrated, and every detail is imbued to honor nature and craftsmanship. Danish design has long been synonymous with a refined aesthetic that transcends fleeting trends, emphasizing a harmonious balance between form and function. This enduring tradition—characterized by minimalist elegance, sustainable practices, and a passion for tactile experiences—has served as the cornerstone for this groundbreaking project. Here, the visionary spirit of Denmark converges with cutting edge material technology to reformulate how we experience the interiors of our built environments.At the heart of this project is the belief that the best design is an ongoing dialogue between the past and the future, one that embraces tradition while fearlessly exploring new possibilities. Reishi™ in the Nordic Light embodies this approach by melding Danish design principles with the revolutionary capabilities of Reishi™, a new material option fully grown from mycelium– the intricate, abundant and renewable roots of reishi mushrooms. Every element of the collection—from the interplay of light and shadow to the delicate textures of the biomaterial—celebrates the Danish commitment to quality, sustainable innovation, and the enduring beauty of simplicity

PR Newswire
Apr 4th, 2025
Reishi™ Enters A New Era Of Interior Design With Its First Industrial Collaboration With Ligne Roset

As one of the natural, non-animal materials available at industrial scale, Reishi™ offers a unique blend of performance, durability, and aesthetics, redefining what is possible in sustainable design.Reishi™: A Game-Changer for the Future of DesignFor years, biomaterials have remained on the fringes of design—too delicate, too niche, or too limited for industrial application. Reishi™ changes this narrative. Thanks to MycoWorks' patented Fine Mycelium™ technology, Reishi™ is the first biomaterial to deliver both exceptional aesthetics and technical performance at scale.Chosen by Ligne Roset for the Kobold sofa, Reishi™ meets the rigorous requirements of contemporary furniture production while offering a new sensory and visual experience:Unparalleled Performance : Resistant to daily wear, Reishi™ combines strength, supple elasticity, and durability—qualities essential for interior applications.: Resistant to daily wear, Reishi™ combines strength, supple elasticity, and durability—qualities essential for interior applications. A Living Material: Like the finest natural materials, Reishi™ develops a patina over time, enhancing its beauty while preserving its structural integrity.Like the finest natural materials, Reishi™ develops a patina over time, enhancing its beauty while preserving its structural integrity. A Unique Aesthetic : Each sheet of Reishi™ carries its own distinctive veining and organic patterns, creating designs that are one-of-a-kind—echoing the natural beauty of marble or leather.: Each sheet of Reishi™ carries its own distinctive veining and organic patterns, creating designs that are one-of-a-kind—echoing the natural beauty of marble or leather. Industrial Scalability: Unlike other biomaterials, Reishi™ is available at scale, offering a reliable, sustainable alternative to traditional materials for major design brands."At MycoWorks, we believe that art inspires science, and that mycelium can redefine the future of design," says Sophia Wang, co-founder of MycoWorks

International Leather Maker
Feb 26th, 2025
MycoWorks launches Reishi biomaterial

Spanish biomaterials company MycoWorks has launched its Reishi material, using Rei-Tanning technology.

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