Biotech Startup MycoWorks Raises $45 million in Series B Financing For Reishi Leather

California based biotech company MycoWorks has developed a leading platform in the fashion and luxury industry and recently raised $45 million dollars through investments to meet demands for the infamous Reishi leather.

This is a follow up on the initial listing of Series A $17 million investment early in February, summing the total investment to $62 million.

The funds are to be used for meeting supply and production of bio-based leather, for setting up appropriate technology, productions sites and more.

Founded in 2013 by Sophia Wang and Philip Ross, MycoWorks is looking at multiple luxury footwear and fashion partnerships in the coming future.

With funding from A-list investors like John Legend and Natalie Portman and fund managers like WTT Investment Ltd and DCVC Bio, the company aims to further inaugurate production plants in numerous locations.

The vegan leather market is predicted to become a $90 million industry by 2025 and therefore what is required out of the fashion industry is to change their supply chains and customize them as per consumer taste, believes Matt Scullin, CEO of MycoWorks.

Marking the major shift in consumer desires like having plastic-free and animal cruelty free products, Reishi leather perfectly captures the growing demand for that and can be tailored according to the consumers expectations.

The company aims to develop advanced manufacturing processes to manage the production of Reishi leather on a wider scale by growing its own material known as fine mycelium, which is a plastic-free, non-animal option for designers.

The benefits of growing their own material are plenty, apart from being a carbon negative process.

The company is looking to release a third-party lifecycle assessment on the further benefits of the material soon.

The idea is to be as transparent as possible and MycoWorks aims to do that by posting all its details and results about the material assessment up on their website, so that the consumers are always well-informed about their purchase.

With a major scale up in production, Reishi Leather is all set to hit the market soon rendered in different varieties from boots and sneakers to wallets, clothes and bags.