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John Legend and Natalie Portman want you to try wearing fungus instead of leather
Natalie Portman and John Legend are joining a group of venture capitalists and unnamed fashion brands backing MycoWorks, a company that just raised $45 million to commercialize its technology that makes a fungal-based biomaterial that can replace leather.
The goal is to get consumers to trade in their leather and lizard skin couture for some fungus fashion.
The company said it has inked some deals with big fashion brands as partners as it looks to bring its funky fungus to the masses in shoes, wallets, belts and other goods that traditionally use cowhide or other animal skins.
“We have been working with a few luxury brands and a major footwear manufacturer in very close collaboration,” said Matt Scullin, the chief executive officer at MycoWorks .
The unnamed fashion brands have already started producing products for stores in a range of items including shoes, ready to wear apparel and bags, according to Scullin.
MycoWorks likes to differentiate itself from other brands that want to bring a fungus among us or plant new plant-based fabrics in fashion — companies like Bolt Threads (mushrooms), Ananas Anam (pineapple fibers), and Desserto (cactus leather) — with its emphasis on the durability of its fabric.
“We’ve had the product tested in a huge range of different applications of various leather-based apparel to upholstery to standard leather goods like handbags and wallets. The key difference between our material and mushroom leather is that the structural components is so high,” Scullin said. “We’re confident in the material’s ability to perform in a really wide range of applications so there’s a wide range of uses for that.”
To that end, MycoWorks is focused on the high-end of the market. “There’s a misconception that brands are willing to sacrifice performance for sustainability and that’s not true,” Scullin said. “The real adoption occurs in an industry like this when the performance is there.”
Scullin won’t say how much the MycoWorks material costs nor would he talk about which specific companies are working with the company’s product right now. He did say that the company hopes eventually to be price competitive with not just the traditional leather market, but the plastic market for leather replacements, which is worth $70 billion per-year alone.
With the company’s current capacity it can produce tens of thousands of square feet of fungal material per yar, according to Scullin. That means MycoWorks still has a long way to go to catch up to an industry that produces billions of square feet of leather.
The funding for MycoWorks is impressive, but it also has to contend with some competitors that are getting traction of their own in the fashion industry.
In October, Bolt Threads announced the creation of a consortium alongside longtime partners Adidas, Stella McCartney and the fashion house behind brands like Balenciaga to explore mushroom leather-based products.
For MycoWorks investors — including WTT Investment Ltd. (Taipei, Taiwan), DCVC Bio, Valor Equity Partners, Humboldt Fund, Gruss & Co., Novo Holdings, 8VC, SOSV, AgFunder, Wireframe Ventures and Tony Faddell — the competition is expected. But they believe that MycoWorks functionality makes it the king (oyster) of the leather substitute world.
“Fine mycelial leather is customizable to client needs,” said DCVC Bio investor Kiersten Stead. “[It’s] customizable in terms of shape, and application. And prices will vary depending on what the application and the criteria from customers is.”
In all, MycoWorks has raised $62 million and the company’s new financing announcement coincides with the opening of a new Emeryville, California production plant that takes its capacity up to its current tens-of-thousands of feet of fungal leather replacement capacity.
Behind all of this push to find replacements for animal skins is a growing awareness of the problems associated with traditional methods for manufacturing leather for clothes and shoes. It’s a terribly toxic and polluting process, both in the tanning and dyeing and in the waste and landfilling associated with both animal leather and its plastic replacements.
“The process of growing the mycelium is carbon negative. Customers will look at [our product] versus an animal hide and say why wouldn’t I choose [that],” said Sculin. “In addition you have the non-animal aspects and the plastic-free aspects that are driving so many decisions right now… what we really are to our brand partners is an advanced manufacturing company. We are motivated by sustainability. We represent a way for them to change their supply chains.”
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Bolt Threads partners with Adidas, owners of Balenciaga and Gucci, and Stella McCartney on mushroom leather
Bolt Threads has brought together some new and existing partners, including Stella McCartney, Kering (the fashion house behind brands like Balenciaga, Gucci, Alexander McQueen and Bottega Veneta), Lululemon and Adidas to create a consortium that will explore the company’s use of its mushroom-based leather substitute in products, the company said.
These companies will be among the first to bring products made with Bolt Threads’ mushroom-based leather substitute to market in 2021, the company said.
“I have always been convinced that innovation is key to addressing the sustainability challenge that luxury is facing. Finding innovative, alternative materials and fabrics can potentially drastically reduce the environmental impact of our industry over the long term,” François-Henri Pinault, the chairman and chief executive of Kering, said in a statement.
The announcement is the culmination of at least two years of work from Bolt Threads, which first announced it would join the hunt for a leather substitute in 2018. The company announced its first product soon after — a $400 “Driver Bag” designed in conjunction with the Portland-based bag company, Chester Wallace.
The company, which has raised over $200 million since its launch nearly 11 years ago, faces some pretty tough competition. Companies like MycoWorks and Modern Meadow both have alternative leather products in the works. However, these partnerships may go a long way toward separating Bolt from the rest of the herd.
Swatches of Bolt Threads mushroom leather product, “Mylo.” Image Credit: Bolt Threads
Investors in Bolt Threads include Foundation Capital, Baillie Gifford, Founders Fund, Formation 8 and the Nan Fung Group, a privately held, Hong Kong-based conglomerate with significant holdings in the textile and fashion industry.
What the redoubled interest in leather goods means for the alternative spider silk that was the company’s original product is unclear. There hasn’t been much news on the silk front since the company debuted its $314 necktie back in 2017.
There’s clearly interest in the fashion industry’s ability to clean up. Consumers are demanding it, and new brands focused on sustainability are launching regularly.
As Reducetarian Foundation president and co-founder Brian Kateman wrote last year, “traditional fashion is killing the planet”:
Every year, the textile industry alone spits out 1.2 billion tons of greenhouse gases — more than all marine shipping vessels and international flights combined — and consumes 98 million tons of oil. Textile dyeing is the second-largest polluter of clean water, and on the whole, the apparel industry accounts for 10 percent of all greenhouse emissions worldwide. Worst of all, the clothes produced by this massive resource consumption produces clothes are rapidly discarded: In 2015, 73 percent of the total material used to make clothes ended up incinerated or landfilled, according to a study by the Ellen MacArthur foundation.
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Synthetic biology startups are giving investors an appetite
There’s a growing wave of commercial activity from companies that are creating products using new biological engineering technologies.
Perhaps the most public (and tastiest) example of the promise biomanufacturing holds is Impossible Foods . The meat replacement company whose ground plants (and bioengineered additives) taste like ground beef just raised another $200 million earlier this month, giving the privately held company a $4 billion valuation.
But Impossible is only the most public face for what’s a growing trend in bioengineering — commercialization. Platform companies like Ginkgo Bioworks and Zymergen that have large libraries of metagenomic data that can be applied to products like industrial chemicals, coatings and films, pesticides and new ways to deliver nutrients to consumers.
The new products coming to market
In fact, by 2021 consumer products made with Zymergen’s bioengineered thin films should be appearing at the Consumer Electronics Show (if there is a Consumer Electronics Show). It’s one of several announcements this year from the billion dollar-valued startup.
In August, Zymergen announced that it was working with herbicide and pesticide manufacturer FMC in a partnership that will see the seven-year-old startup be an engine for product development at the nearly 130-year-old chemical company.
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Spider silk startup Bolt Threads closes on $123 million in Series D funding
Bolt Threads, the startup making spider silk from microbugs, has raised a giant $123 million Series D round of funding. As we reported in November, an SEC filing showed the company had raised $106 million from Foundation Capital and Formation 8. Bolt now tells TechCrunch it has added to that amount, bringing up its total to $147 million raised so far. Read More
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Bolt Threads is raising $106 million from Foundation Capital and Formation 8
Our spidey senses are tingling over here. According to an SEC filing, TechCrunch has learned Bolt Threads, the biotech company spinning microbes into spider silk, is raising a whopping $106 million in Series D financing. Bolt Threads has been on a meteoric rise since it first told TC about its ambitious endeavor to make spider silk, a material stronger than teflon but softer than a cloud. Read More
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These cities in California’s East Bay are raking in venture capital
San Francisco Bay Area companies raise so much venture capital relative to other places that a lot of little-known cities in the region outrank major metropolises in total funding. In this two-part series, we’ll look at nine under-the-radar places in the Bay Area that punch above their weight class when it comes to attracting startup funding. For today, we’ll focus on the East Bay. Read More
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