Mogu Srl raises €11m to scale mycelium technology
Italian mycelium specialist Mogu Srl has closed a €11m Series A financing co-led by CDP Venture Capital and the European Circular Bioeconomy Fund (ECBF VC)
Kering Ventures, and Progress Tech Transfer also participated in the €11m financing of Mogu Srl, which will change its company name to SQIM Srl. The funds will be used to advance the companys platform (i.e. biological fermentation + biochemistry) and to accelerate industrial scaling, through the deployment and launch of a new demonstration-scale production plant,
Additionally, the funds will be used to boost R&D efforts and staff.
Using mycelium, SQIM has developed a range of high-performance, low-environmental impact solutions, primarily addressing the textile, leather, interior, and automotive industries. More specifically, besides its brand MOGU, which is dedicated to interior design and architecture, SQIM produces EPHEA, an entirely new class of animal-free alternatives primarily dedicated to Fashion and Automotive consisting of 100% mycelium biomass.
