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Today: May 9, 2024
January 9, 2024
1 min read

Mogu’s Mushroom Magic: €11M Investment Fuels Biotech Growth in Italy

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.

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