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Italian startup Mogu has just raised 11 million euros (nearly $12 million) in Series A funding, according to a press release issued on January 9 by Kering, a fervent supporter of the startup through its venture capital company Kering Ventures.<\/p>\n
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The supported company specializes in the manufacture of eco-responsible products using mycelium (mushroom root).<\/p>\n
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The money raised will enable the startup to open a pilot production plant. It will also be used to increase the size of its workforce and step up its R&D efforts.<\/p>\n
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Mogu Srl<\/strong> is an innovative materials company that transforms low-value materials and agro-industrial residues into functional products with high added value.<\/p>\n <\/p>\n Mogu Srl, hitherto known as Sqim<\/strong>, will take the opportunity to change its name<\/strong> “in the weeks following completion of this financing round”.<\/p>\n Sqim has developed an exclusive fermentation process<\/strong> capable of growing raw mycelium<\/strong>. This mycelium comes from the vegetative part of the mushroom, made up of filaments – hyphae – that enable it to grow.<\/p>\n The future Mogu Srl will bring together two brands with distinct positioning<\/strong>: Mogu<\/strong> will target the interior design and architecture sector, while Ephea<\/strong> will focus on the fashion and automotive worlds.<\/p>\n <\/p>\n “This successful fundraising is a validation of the potential<\/strong> of our revolutionary technologies, materials and next-generation products,” emphasizes Maurizio Montalti, Sqim’s mycelium manager and co-founder.<\/p>\n <\/p>\n The financing round was led by CDP Venture Capital<\/strong> and co-led by ECBF<\/strong>‘s VC, with the participation of Kering Ventures<\/strong> – the financial arm of the eponymous luxury group known for taking minority stakes in innovative solutions – and current shareholder Progress Tech Transfer<\/strong>.<\/p>\n <\/p>\n <\/p>\n\n<\/p>\n \t\tGrowing demand from the luxury goods industry for alternatives to leather<\/h2>\n