Introduction:
Italian mycelium specialist Mogu Srl has raised €11m in a Series A financing round led by CDP Venture Capital and the European Circular Bioeconomy Fund (ECBF VC). The funds will be used to advance the company’s platform and accelerate industrial scaling through the deployment of a new demonstration-scale production plant. Mogu Srl, which will soon change its name to SQIM Srl, develops high-performance, low-environmental impact solutions using mycelium, primarily for the textile, leather, interior, and automotive industries.
- The financing round raised €11m for Mogu Srl, led by CDP Venture Capital and ECBF VC, with participation from Kering Ventures and Progress Tech Transfer.
- The funds will be used to advance the company’s platform and accelerate industrial scaling by launching a new demonstration-scale production plant.
- Mogu Srl develops high-performance, low-environmental impact solutions using mycelium for the textile, leather, interior, and automotive industries.
- The company’s brand, MOGU, focuses on interior design and architecture, while its product EPHEA™ offers animal-free alternatives for the fashion and automotive sectors.
- The financing will also be used to boost R&D efforts and expand the company’s staff.
Conclusion:
The €11m financing round will enable Mogu Srl, soon to be renamed SQIM Srl, to further develop its mycelium-based solutions and scale up its production capabilities. With a focus on sustainability and providing animal-free alternatives, the company’s offerings have significant potential in various industries, including fashion and automotive. The funding will also support ongoing R&D efforts and expand the company’s team, positioning it for future growth and innovation in the bioeconomy sector.
