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MycoWorks

Produces mycelium-based leather alternative for fashion

Overview

Reishi™ is a leather substitute made from mycelium grown at a commercial plant. MycoWorks grows Fine Mycelium™, processes it into sheets, and sells the material to fashion brands and designers who use it to make items like bags and hats. Reishi™ differs from traditional leather by its fungus-based production at large scale and partnerships with luxury brands, offering sustainability with high-end performance. The company's goal is to scale commercial production and capture a meaningful share of the leather goods market with an eco-friendly, high-performance alternative.

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About MycoWorks

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

Industries

Industrial & ManufacturingDesignBiotechnologyConsumer Goods

Company Size

51-200

Company Stage

Series C

Total Funding

$187M

Headquarters

Emeryville, CA

Founded

2013

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Simplify's take

What believers are saying

  • DFX reopened Emeryville in June 2026, restarting commercialization after the insolvency cleanup.
  • Ligne Roset reserved production capacity in November 2026, signaling fresh demand.
  • MycoWorks still lists Reishi collections for purchase, preserving brand visibility and cashflow potential.

What critics are saying

  • MycoWorks became insolvent in October 2025 after closing Union, South Carolina.
  • DFX shifted production to outsourced mycelium, exposing supply-chain fragility and quality-control risk.
  • If Reishi loses luxury adoption, the business becomes an IP shell with limited revenue.

What makes MycoWorks unique

  • DFX retained MycoWorks’ Fine Mycelium IP and Reishi brand after 2026 restructuring.
  • Reishi combines mycelium leather aesthetics with industrial-scale manufacturing for luxury interiors and fashion.
  • Ligne Roset and Hermès validate premium positioning across furniture, accessories, and automotive interiors.

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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
$62M
$100M
$125M

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

6 month growth

0%

1 year growth

-7%

2 year growth

2%
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 Media
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

Edify Digital Media Ltd
Feb 26th, 2025
MycoWorks launches Reishi biomaterial

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

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