MycoWorks is a technology company.
MycoWorks has raised $62.0M across 2 funding rounds.
MycoWorks has raised $62.0M in total across 2 funding rounds.
MycoWorks has raised $62.0M in total across 2 funding rounds.
MycoWorks's investors include Amazon Climate Pledge Fund, Anorak Ventures, Breakthrough Energy Ventures, ENIAC Ventures, Fifty Years, Founders Fund, F-Prime Capital Partners, Future Shape, Intuition Capital, Mayfield, Pioneer Fund, Prelude Ventures.
# MycoWorks: Growing the Future of Materials
MycoWorks is a biotechnology company that produces premium, leather-like materials using mycelium—the root structure of mushrooms.[1][2] Founded by artists in San Francisco, the company has developed Fine Mycelium™, a patented technology that engineers mycelium cells as they grow to create materials with superior strength, durability, and performance comparable to the finest animal leathers, but with significantly lower environmental impact.[1][2]
The company serves luxury and design-focused industries, including fashion, footwear, automotive, and interior design.[4] Its flagship product, Reishi™, has gained traction with strategic partners including Hermès, General Motors, and Ligne Roset, demonstrating strong market validation in high-end segments.[3] The broader leather goods market exceeded $400 billion in 2021 and is expected to surpass $720 billion by 2030, positioning MycoWorks within a massive and growing addressable market.[6]
MycoWorks was founded in 2013 by Philip Ross, Sophia Wang, and Eddie Pavlu, with Ross and Wang bringing artistic backgrounds to the venture.[3][4] Ross's work with mycelium predated the company's formation, providing a foundation of deep technical knowledge that shaped early development.[4] In 2017, Matthew L. Scullin joined as chief executive officer, bringing professional management to scale the operation.[4]
The company achieved significant early traction: in early 2020, it raised Series A financing, followed by $45 million in Series B financing later that year, with notable participation from celebrities Natalie Portman and John Legend.[4] Commercial-scale manufacturing began in September 2023 at a 136,000 square-foot facility in Union, South Carolina, designed to employ over 350 people and supply luxury partners with millions of square feet of material annually.[1][4]
MycoWorks operates at the intersection of three powerful trends: the sustainable materials revolution, the circular economy movement, and biotechnology-enabled manufacturing. As luxury brands face mounting pressure to reduce environmental impact without compromising quality, mycelium-based alternatives offer a compelling solution that maintains the aesthetic and performance standards demanded by high-end markets.
The company's success validates a broader shift in how materials science is being reimagined. Rather than choosing between sustainability and performance, MycoWorks demonstrates that biotechnology can engineer natural materials to exceed legacy standards. This approach influences the broader ecosystem by proving that premium sustainability is commercially viable—a signal that encourages investment in other bio-fabricated materials and manufacturing processes.
The strategic partnerships with established luxury houses (Hermès, General Motors, Ligne Roset) signal mainstream acceptance of mycelium-based materials, legitimizing the category and accelerating adoption across industries.[3] This creates a flywheel: as production scales and costs decline, accessibility expands beyond ultra-luxury segments.
MycoWorks is positioned to capture significant value as the leather goods market undergoes a sustainability-driven transformation. The company's combination of proprietary technology, luxury brand partnerships, and scaled manufacturing capacity creates defensible competitive advantages. The opening of commercial-scale production in 2023 marked a critical inflection point—moving from proof-of-concept to revenue generation.
The trajectory suggests expansion beyond leather goods into adjacent categories. Recent collaborations in interior design (Ligne Roset's Kobold Sofa, partnerships with Populus and Design Miami.Paris) and automotive (Cadillac's SOLLEI concept car) indicate the company is broadening its addressable market.[6] As production efficiency improves and costs decline, Reishi™ could penetrate mid-market segments currently dominated by conventional leather and synthetics.
The key challenge ahead is scaling production while maintaining the quality and customization that define the brand. Success will depend on whether MycoWorks can replicate its Union, South Carolina facility's performance across additional manufacturing sites and whether the company can sustain innovation velocity as competitors inevitably enter the mycelium materials space. If MycoWorks executes on scale, it could fundamentally reshape how premium materials are sourced and manufactured across multiple industries.
MycoWorks has raised $62.0M across 2 funding rounds. Most recently, it raised $45.0M Series B in October 2020.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Oct 1, 2020 | $45.0M Series B | Amazon Climate Pledge Fund, Anorak Ventures, Breakthrough Energy Ventures, ENIAC Ventures, Fifty Years, Founders Fund, F-Prime Capital Partners, Future Shape, Intuition Capital, Mayfield, Pioneer Fund, Prelude Ventures, SeaX Ventures, Social Impact Capital, SOSV, VSC Ventures, Bradley Horowitz, Peter Carlsson, Reshma Saujani | |
| Feb 1, 2020 | $17.0M Series A | 10100, 2048 Ventures, 7percent Ventures, 8VC, Andreessen Horowitz, Anorak Ventures, Bam Ventures, Better Tomorrow Ventures, BoxGroup, Bullpen Capital, Kevin Ding, DST Global, First Round Capital, FJ Labs, Foundation Capital, Founders Fund, FPV Fund, Long Journey Ventures, NKM Capital, Primitive Ventures, Quiet Capital, Saga, Seven Seven Six, Sherpalo Ventures, Sound Ventures, Henry Fertik, Susa Ventures, The House Fund, Y Combinator, Gianni Martire, Joshua Reeves, Mikhail Seregine, Rashaun Williams, Russell Cook, Scott Banister, Scott Belsky, Shane Neman |