In a strategic move to advance its cutting-edge food and fashion products, US-based mycelium startup Ecovative has successfully raised $28 million in its latest funding round. The financing featured both strategic investors and existing shareholders, bringing the company’s total capital raised to $145 million since 2019.
This new injection of funds will be critical in supporting the expansion of Ecovative’s signature products, such as MyBacon and an alt-leather material under the Forager brand..
Ecovative’s alt-leather is grown in just nine days using mushrooms, producing a supple, leather-like material with half the emissions of conventional leather production.
These mycelium-based hides are designed to integrate seamlessly into existing tannery infrastructure, offering tanneries an eco-friendly option without compromising on the quality and craftsmanship that the leather industry is known for.
CEO Eben Bayer emphasized the significance of the company’s new leather alternative product.
“We’re building a new model for abundance in New York that works globally. Our CAPEX-light approach leverages existing infrastructure efficiently, enabling fast growth and global market reach,” Bayer explained.
CEO Eben Bayer
He further elaborated on how the company’s AirLoom hides have already garnered interest from major global fashion brands, including PVH (the parent company of Calvin Klein and Tommy Hilfiger), Vivobarefoot, Veja, and Reformation.
By 2025, Ecovative plans to commercialize its AirLoom hides for widespread use in the fashion industry.
The hides are expected to appeal to fashion houses looking for sustainable alternatives to traditional leather, especially as the demand for environmentally friendly materials continues to grow.
The mycelium hides claims to not only lower the environmental footprint but also allow tanneries to maintain their traditional processes.
With the potential to scale quickly, Ecovative’s alt-leather solution could reshape the future of leather production by offering a more sustainable, animal-free alternative that meets the growing market demand for eco-conscious fashion.
In conclusion, Ecovative’s pioneering work in the alt-leather space, powered by mycelium, presents a transformative opportunity for the fashion and leather industries. With strong backing from investors and increasing interest from global fashion brands, AirLoom hides are set to lead the charge toward a more sustainable and innovative future in leather production.
