Decarbonization Partners has invested in biomaterials company MycoWorks as part of a $125 million Series C financing round.
The round was led by Prime Movers Lab, with participation from other new and existing investors, SK Networks, Mirabaud Lifestyle Impact & Innovation Fund, DCVC Bio and Novo Holdings.
Founded in 2013 MycoWorks is recognised globally as having unlocked a breakthrough in material science. The company’s patented Fine Mycelium process harnesses mycelium – the thread-like network that mushrooms fruit from – to produce a natural material with the performance of the finest animal leathers. Luxury partners choose Reishi, the company’s flagship product line, because of its superior hand-feel, performance and durability.
Decarbonization Partners is a partnership between Temasek and BlackRock focused on late-stage venture capital and early growth private equity investing in next-generation companies that provide solutions and technologies to help accelerate global efforts to achieve a net zero global economy by 2050.
Proceeds from the funding round are being used to launch MycoWork’s first full-scale Fine Mycelium production plant to meet a growing demand for the company’s materials.
