Mycotech

Mycotech develops both building materials and an alternative leather material named “mylea” by combining agricultural waste (including palm oil plants, sugar cane, and sea-shells) with mycelium (root structure of mushrooms). The product of this process, mylea, is developed with fungus grown on sawdust that is later dried. Mycotech also uses natural dye extracted from roots, leaves, and food waste in their mushroom leather.

Mycotech’s building material is generally used for heat insulation and wall decoration. The company’s leather material is used in fashion products such as sneakers—including a collaboration with show brand Bro.do—and products including watch straps, card tabs, wallets, lampshades, and sandals. The company claims profit margins in the 30-40% range and has a full order book until 2027. The company received B Corp certification in November 2019.

Funding and financials

The company raised seed funding of USD 20,000 and an undisclosed amount of funding in 2018 led by 500 startups.