TLDR:
– Italian startup Mogu has raised €11 million in Series A funding for its mycelium-based biotech expansion.
– The company focuses on developing mycelium-based solutions for various industries, including textiles, leather, interior design, and automotive.
– The funding will be used to scale operations, expand R&D projects, and open a new production plant.
Italian startup Mogu has raised €11 million in a Series A funding round to support its mycelium-based biotech expansion. The funding was co-led by CDP Venture Capital and ECBF VC, with participation from Kering Ventures and existing investor Progress Tech Transfer.
Mogu, which will soon be legally named SQIM, is a biomaterials company that develops solutions for various industries using mycelium. The company offers a range of interior design products through its brand Mogu, including wall, floor, and acoustic treatment products. It also has a separate brand called Ephea, which specializes in textiles for the luxury fashion and automotive industries.
The funding will be used to scale operations, further research and development projects, and open a new production plant. The company aims to establish itself as a leader in sustainable fashion and biomaterials.
