Mogu Srl raises €11m to scale mycelium technology

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 company’s 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.