Italian mycelium-based biotech and biomaterials company Mogu has raised €11 million in a Series A funding round aimed at helping the company scale operations, further R&D projects, and open a new production plant.
CDP Venture Capital and ECBF VC co-led the Series A round with Kering Ventures and existing investor Progress Tech Transfer participating.
“SQIM team has been working very hard in the last years with the mission of proving that innovation, sustainability, and industrialization can not only coexist but even offer an added value to different industries whether properly cooked,” commented SQIM CEO and co-founder Stefano Babbini. “This amazing company step represents the natural outcome of such efforts, creating the conditions for delivering a real impact in next future.”
With Mogu Srl, soon to be legally named SQIM (more on that in a second), an Italian collective of materials innovators is looking beyond meat substitutes and cheese to develop solutions for the textile, leather, interior, and automotive industries.
Through its brand Mogu, not to be confused with the holding company Mogu Srl, which will soon be SQIM, the company offers a range of wall, floor, and acoustic treatment interior design products.
According to the company, 87 percent of the composition of its floor tile products is a biobased resin and can resist scratches and abrasions just like any conventional floor.
On the other side of the spectrum, a separate brand under the Mogu/SQIM umbrella is Ephea, which specialises in textiles targeted at the luxury fashion and automotive industries. Specifically not marketed as a replacement for traditional leather, SQIM is aiming to establish its own category of material altogether.
ECBF partner Marie Asano adds:
“We predict a notable shift in the fashion industry where consumers and brands are increasingly shying away from animal-based leathers.
"We are thrilled to be part of SQIM’s journey as their products represents the future of sustainable fashion where luxury quality and “cruelty-free” are not mutually exclusive.”
Lead image via SQIM.