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Today: May 3, 2024
January 9, 2024
1 min read

Unveiling Italian Biotech SQIM’s €11M Breakthrough: Harnessing Mycelium Innovation

TLDR:

  • Italian biotech company SQIM has raised €11 million in a Series A funding round led by CDP Venture Capital.
  • The funding will support the industrialisation of SQIM’s mycelium-based technologies and the expansion of its product lines.
  • The company aims to meet the growing demand for mycelium-based products in various industries, including fashion, interior design, and automotive.

Inarzo, Italy-based SQIM has raised €11 million in a Series A funding round to support the industrialisation of its mycelium-based technologies. The funding round was led by CDP Venture Capital, with participation from the European Circular Bioeconomy Fund (ECBF VC), Kering Ventures, and Progress Tech Transfer. The funds will be used to expand SQIM’s product lines, EPHEA and MOGU, and scale its industrial activities. The company aims to meet the growing demand for mycelium-based products driven by a commitment to quality.

SQIM is a biotech and biomaterials company that harnesses the natural power of fungal mycelia to produce innovative materials and products. The company’s two primary product lines, EPHEA and MOGU, cater to industries such as fashion, interior design, and automotive. By interweaving the cells of selected fungal mycelia, SQIM produces raw mycelium materials that are transformed and finished using environmentally sound methodologies. The result is high-quality materials that cater to luxury fashion and other market segments.

The recent funding round will enable SQIM to establish a new demonstration production plant to showcase its technological advancements. The company aims to position itself ahead of the curve for upcoming commercial product launches and partnerships. The funding will also support the expansion of SQIM’s team and enhance its research and development efforts. Stefano Babbini, CEO and Co-Founder of SQIM, expressed excitement about the company’s future, stating that the funding will allow SQIM to deliver a real impact in the near future.

The investor CDP Venture Capital sees a great opportunity at the intersection of industries like fashion, design, and luxury, where Italian companies are historically recognized as leaders. The financing round will enable SQIM to meet the demand for sustainable and circular products and contribute to the decarbonization of the planet. With the support of international investors, SQIM aims to bring new materials and products to the market that will have a positive impact on various industries.

Overall, this funding round is a significant milestone for SQIM, enabling the company to accelerate its growth, boost its research and development efforts, and meet the growing demand for mycelium-based products. The company’s focus on quality and sustainability positions it ahead of the competition and opens up opportunities for commercial partnerships in various industries.

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