Mycel

Based in South Korea, Mycel is developing fungi-based biomaterials as substitutes for traditional leather and meat. The company’s mycelium leather alternative can be used in applications such as car seats, luxury cosmetic products, shoes, clothes, and bags. Mycel is also looking to partner with global cosmetic brands to co-develop mycelium-based leather products and cosmetic ingredients.

The company has identified 430 strains of mushroom and 13 strains of edible fungi and uses mutagenesis (change in DNA) and gene-editing techniques such as CRISPR to develop them according to application-specific requirements. The company then grows the mycelium in a controlled environment in which it can modify the microstructure and cell components to adjust its strength and nutritional composition by controlling variables such as CO2, light, moisture, and air. The company claims that its process generates less than 1% of CO2 emissions and consumes 99% less water compared to traditional leather. As of June 2024, the company had not commercialized its product. 

Key customers and partnerships

Mycel entered into product development partnerships with Mother Ground, a South-Korea-based footwear brand, to develop a new lineup of sneakers using Mycel’s leather. It also partnered with the Color, Material, and Finish (CMF) team of Kia to identify potential mycelium applications and designs using natural design simulations and 3D printing technology. 

Funding and financials

In August 2022, the company raised KRW 13 billion (~USD 10 million) in a pre-Series A funding round to open a production facility in South Korea and double its headcount. The company also was reported to have a pre-money valuation of KRW 50 billion (~USD 40 million) at the time.