Italy’s Mogu Raises €11M to Expand Mycelium Materials for Interior Design, Fashion, and Cars
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. 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 …