Mogu Srl, an Italian material innovation firm, announces that it has secured €11 million in Series A funding to develop high-quality mycelium solutions for the interior design, fashion, and automotive industries. The company also shares that it will rebrand in a few weeks as SQIM, its widely recognized name.
CDP Venture Capital and ECBF VC co-led round with the additional participation of Kering Ventures and previous investor Progress Tech Transfer.
“This successful fundraising is a validation of the potential of our breakthrough technologies”
The new capital will allow the company to capitalize on its proprietary technological platform by scaling to industrial volumes. In addition, Mogu will further R&D projects in material innovation, open a new demo production plant, and expand its team, “attracting and retaining premier industry talents.”
Maurizio Montalti, Chief Mycelium Officer and co-founder of Mogu/SQIM, comments: “This successful fundraising is a validation of the potential of our breakthrough technologies and next-gen materials and products. It will be a catalyst to accelerate our growth further and faster while significantly boosting our R&D efforts.”
Using fermentation, Mogu transforms low-value matter and residues from the agro-industry into functional, low-environmental impact, high-value materials. To date, the firm has developed two key verticals: MOGU, a dedicated interior design and architecture brand offering a range of wall, floor, and acoustic treatment products, and EPHEA, which targets the luxury fashion and automotive industries with animal-free alternatives marketed as unique materials.
The Italian firm explains that it has developed a unique fermentation technique that interweaves selected fungal mycelia cells to create panels made entirely of mycelium biomass. These raw materials are transformed and finished in collaboration with tanning industry partners into luxurious and high-quality materials for the fashion industry. The process is environmentally friendly and does not use chrome, and Mogu envisions an easy expansion into other segments and markets.
Providing innovation and sustainability
Mogu states that the recently completed funding round represents a significant milestone and a recognition of its technological growth and expansion, characterized by esteemed clients locally and globally.
Other companies developing mycelium materials include the biomaterials innovator MycoWorks, focused on alternatives to leather; Ecovative, a US developer of sustainable mycelium-based alternatives to plastic and composites; and the London-based firm Biohm, specializing in regenerative construction materials.
Stefano Babbini, CEO and co-founder of Mogu/SQIM, also comments: “I’m extremely proud of what we just achieved. 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.”
