Biotechnology company Ecovative Design recently raised $60 million to fund its goal of replacing animal products with mushroom-derived alternatives.
The company produces a line of different products using different strains of mycelium, the fast-growing root systems of mushrooms. Under its Atlast food arm, Ecovative creates mycelium-based vegan bacon and other meat alternatives
Under its MycoFlex platform, the company creates biodegradable foams that are being used to create makeup accessories to reduce waste in the beauty industry, and with it, MycoFlex Division is also taking steps in the fashion industry as a vegan, petroleum-free insulation in jackets, gloves, and footwear.
The company also developed Forager, a versatile vegan leather.
Ecovative founder Eben Bayer said the $60 million in funding will be used to scale up its mushroom production, build upon its existing product lines, and create a discovery platform to develop new uses for mycelium.
The company is planning to become a bulk supplier of its mushroom-based alternatives to leather, meat, and other products, and developed a manufacturing process that can produce 100,000 pounds of mycelium per year.