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Mushroom leather company Ecovative raises $30m series E

Ecovative Design just raised $30 million in Series E funding to expand its Forager business! As a leading provider of sustainable, plant-based textile and foam products, they’re changing the game with their groundbreaking mushroom leather.

Ecovative Design, a leading innovator in mycelium technology, recently secured a remarkable $30 million in Series E funding to expand its Forager business as a leading provider of sustainable, plant-based textile and foam products.

The generous investment was led by Viking Global Investors, with multi-million dollar contributions from Standard Investments, FootPrint Coalition Ventures and AiiM Partners, bringing Ecovative’s total funding to an impressive $120 million.

As one of the most environmentally friendly materials available, Ecovative’s groundbreaking mushroom leather is produced without any polluting substances and is fully biodegradable and compostable at the end of its life.

This revolutionary material is made from mycelium, the fibrous root system of mushrooms, which can be grown using agricultural waste products such as cotton hulls.

After the waste is cleaned, heated, inoculated with the mycelium fungi and grown for around five days, the process becomes inert.

Compared to animal leather, mycelium-based mushroom leather has several advantages: it takes only two weeks to grow to the size of a standard cowhide, compared to the three years typically required for animal leather.

In addition, mycelium-based materials allow 100% of the product to be used after cultivation, whereas animal leather only uses up to 30% of an animal’s total hide.

To date, Ecovative has partnered with many influential brands and manufacturers such as ECCO Leather, Vivobarefoot, Wolverine Worldwide, BESTSELLER, Pangaia, PVH Corp and others to provide vegan alternatives to animal leather.

The company is now using its latest funding to scale its operations, commission new manufacturing facilities and partner with more leading global brands as it works to create a positive environmental impact through its mycelium-based materials and eco-friendly products.

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