MIG Capital is one of the leading German VC Investors. We invest in European Deep Tech and Life Sciences from early to late stage (Seed, Series A, and beyond). We use investments to shape a better tomorrow, today.  Our team currently manages 17 MIG public venture capital funds regulated by BaFin, the German financial markets authority. These funds operate with more than EUR 1.2 billion capital committed by >60,000 private investors across Germany and Austria. Today, our portfolio consists of 30 companies.

MIG Capital

Novo Holdings is a holding company specializing in life science investors with a focus on creating long-term value.

Novo Holdings

Cargill is an international producer and marketer of food, agricultural, financial, and industrial products, and services. Founded in 1865, Cargill privately held company employs 155,000 people in 70 countries. The company helps customers succeed through collaboration and innovation, and is committed to sharing our global knowledge and experience to help meet economic, environmental, and social challenges.

Cargill

Athos Group is a security management firm specializing in assisting large national companies with off-duty support and security management.

Athos Group

E.R. Capital Holding is a private investment and asset management group with a global outreach. It is active in the fields of shipping, real estate, private equity, and renewable energies.  The firm is based in Hamburg, Germany.

E.R. Capital Holdings

AMSilk

AMSilk produces and distributes high-quality silk biopolymers for use in textile products, medical devices, and cosmetics.

AMSilk is a Germany-based company that produces bio-based materials made from spider silk-based proteins. The company has developed a patented biotechnological process to reprogram microorganisms, enabling them to produce silk proteins that can be converted into usable forms such as Silkbeads (microparticles), Silkgel (hydrogel), Biosteel fibers, and coatings. AMSilk's materials have varied application potential across textiles, homecare, biomedical, and automotive sectors. AMSilk claims the high-performance qualities of these silk proteins also make them suitable for developing premium fabrics, technical yarns for automotive interiors, and biofilms and coatings for dishwashing and laundry care products.

Earth-friendly biotech solutions for the textile, packaging and construction industries.

Bio-based Materials

AMSilk and Ajinomoto Foods Europe forge strategic partnership for biomanufacturing silk proteins

Mercedes-Benz Group AG

Entered a partnership with Mercedes-Benz (then known as Daimler AG), for the development of novel, sustainable car door pulls, as part of the car manufacturer's latest technology programme, the VISION EQXX.

Developers of alternative materials for industrial applications such as sporting goods, electronic components, and automotive parts

Givaudan

Givaudan acquired the cosmetics business of AMSilk GmbH. AMSilk is the world’s first industrial supplier of vegan silk biopolymers and has its headquarters near Munich, Germany. AMSilk offers a range of high-performance biosourced polypeptides with unique functional properties in the field of cosmetics. These vegan biopolymers offer a broad range of applications across categories such as hair care and skin care with benefits like silk touch, anti-pollution, or colour protection of the hair. Over the years, they have filed 10 patents for the use of biopolymers in cosmetic applications.

Airbus

Airbus intends to explore how AMSilk’s Biosteel fiber can be used to develop a new aerospace composite material.

AMSilk is a Germany-based company that produces bio-based materials made from spider silk-based proteins. The company has developed a patented biotechnological process to reprogram microorganisms, enabling them to produce silk proteins that can be converted into usable forms such as Silkbeads (microparticles), Silkgel (hydrogel), Biosteel fibers, and coatings. AMSilk's materials have varied application potential across textiles, homecare, biomedical, and automotive sectors. AMSilk claims the high-performance qualities of these silk proteins also make them suitable for developing premium fabrics, technical yarns for automotive interiors, and biofilms and coatings for dishwashing and laundry care products.AMSilk claims its silk protein-based materials are wholly biodegradable, biocompatible, and do not contain any substances of animal origin or fossil-based raw materials. Based on renewable plant-based feedstock, they are claimed to come with a CO2 greenhouse gas emission reduction of up to 90% and more than 90% less land and water use compared to other protein fibers.In April 2019, Switzerland-based global cosmetics and fragrance company Givaudan announced plans to acquire the company’s cosmetics business in order to secure the technology behind AMSilk’s high-performance, bio-sourced polypeptides.In June 2024, AMSilk showcased its biofabricated yarns, which are part of the Biosteel fiber range at the Pitti Filati trade show in Florence, Italy, seeking to connect with leading luxury textile brands and explore commercial collaborations. AMSilk claims that it is the only company to successfully produce filament yarn out of spider silk. Key customers and partnershipsIn <a href="https://sp-edge.com/updates/7531">January 2022</a>, the company partnered with Mercedes-Benz to provide silk fiber-based door pulls created using Biosteel Fiber for the VISION EQXX concept car. In <a href="https://sp-edge.com/updates/25622">January 2024</a>, AMSilk announced a partnership with 21st.BIO to accelerate the upscaling of its silk protein production. Funding and financialsIn April 2023, the company raised UR 25 million (~USD 27.3 million) in an extended Series C funding round to support an upscaling of the company’s industrialization and commercialization at the global level.

<div>
 
 Bolt Threads manufactures vegan &ldquo;spider&rdquo; silk and mycelium-based materials. Bolt Threads develops isolated silk proteins from proteins inspired by spider silk through a yeast fermentation process. The company&rsquo;s Microsilk products are sold under its clothing brand, Best Made Co. The company has also developed another biomaterial using mushroom-based mycelium, an alternative leather product branded as Mylo, which was expected to be produced on a larger scale.&nbsp;
 
 
 In September 2021, Bolt Threads announced its plans to produce Mylo on a commercial scale by the end of 2022 and expected to collaborate with mushroom farmers to heighten its mycelium crops. Though the company reported 
 <a href="https://sp-edge.com/updates/19867">
 halting production of Mylo
 </a>
 in June 2023 due to inflationary pressure and lack of funding, in October 2023, the company announced entering a 
 <a href="https://sp-edge.com/updates/22431">
 SPAC deal
 </a>
 to go public on the Nasdaq.&nbsp;
 
 
 For its Microsilk product, Bolt had a production capacity of 32,000 sq ft per annum as of 2018. Since Microsilk remains significantly more expensive than traditional silk, the founders were seeking ways to scale up.&nbsp;
 
 
 Key customers and partnerships
 
 
 For its Microsilk product, Bolt Threads launched its first collaboration in 2017 with fashion designer Stella McCartney and introduced its second prototype in the form of a biodegradable tennis dress.
 &nbsp;
 
 
 The leather alternative Mylo has been used in collaborations with Stella McCartney, Seattle-based leather bag manufacturer Chester Wallace, and Canadian athletic apparel retailer Lululemon. In October 2020, the Mylo Consortium was also formed including Adidas, Stella McCartney, Kering, and Lululemon, who collectively have made a seven-figure investment into Bolt Threads to produce Mylo. In return for their investments, these brands would have access to a large supply of the product.&nbsp;
 
 
 Stella McCartney has been experimenting with Mylo to create clothing prototypes with plans to use the material in upcoming collections. Adidas used Mylo to produce high-performance footwear for the first time in April 2021 by making a vegan version of its &ldquo;Stan Smith&rdquo; sneaker design that dates back to 1965 and had plans to expand the use of Mylo material in its other products including handbags, wallets, shoes, jackets. In February 2022, 
 <a href="https://sp-edge.com/updates/8404">
 Lululemon
 </a>
 launched a Mylo-based yoga bag collection, which included a multipurpose yoga bag and a storage bag for workout gear. Mylo was also used by Danish luxury brand Ganni for the launch of its limited edition Mylo-based wallet range and one-of-a-kind saddle-bags in June 2022. Ganni&rsquo;s partnership with Bolt Threads included plans to release more Mylo-based products in Q1 2023. With growing demand for its Mylo product, 
 <a href="https://sp-edge.com/updates/8884">
 in February 2022, 
 </a>
 the company partnered with Mycelium Materials Europe (MME) for the commercial production of Mylo but had not been able to materialize its plans.
 
 
 Funding and financials
 
 
 The company&rsquo;s last funding round was a USD 123 million Series D in January 2018 led by Baillie Gifford. The funds were used to commercialize the company&rsquo;s Microsilk&nbsp;products.
 
 
 
</div>

Bolt Threads

MycoWorks is a manufacturer of alternative leather using mushroom-based fungi. Its proprietary brand, Reishi, is manufactured using a patented process called “Fine Mycelium”, which uses fungi’s capacity to bind to itself and carbon-based materials in producing durable three-dimensional material. The benefits of Reishi, according to MycoWorks, include its tensile strength (the force needed to pull material to its breaking point) at 10 Megapascals (MPa), compared to the average cowhide tensile strength of 8.5 MPa. Reishi is also customizable (in terms of sizing and specifications) allowing growing direct-to-design products that eliminate waste from cutting and trimming.Mycoworks operates three Reishi plants as of January 2022. The third plant in California has an annual production capacity of 80,000 sq ft of material per year, increased the company’s production tenfold, and reportedly reached a milestone of producing 10,000 trays of Fine Mycelium after a year of operation. The company is also building a new USD 107 million worth manufacturing facility in Union, South Carolina, with operations expected to commence in 2023. The new facility reportedly is expected to produce several million sq ft of Fine Mycelium per year. In August 2023, the company announced opening a <a href="https://sp-edge.com/updates/20757">136,000 square foot plant </a>&nbsp;which will produce Reishi that has been embraced by luxury brands like Hermès and Ligne Roset for various applications and was expected to begin operation on September 20, 2023.Reishi remains in the prototype development and testing phase. The company announced that the material is currently being tested in clothing, shoe, wallet, and handbag design. Key customers and partnershipsThe company indicated in November 2020 that the first luxury fashion and footwear products containing Reishi will be launched in partnership with leading fashion and footwear brands in the coming months. MycoWorks also partnered with Hermès, the French luxury goods manufacturer, in March 2021 to use a material named “Sylvania”(a Fine Mycelium-based material developed by the two companies over three years) in a sustainable version of Hermès’s “Victoria” travel bag, by the end of 2021. In <a href="https://sp-edge.com/updates/24584">November 2023</a>, the company partnered with YUME YUME for interactive Reishi-based installation at Stedelijk Museum. Funding and financials<a href="https://sp-edge.com/updates/7804">In January 2022</a>, MycoWorks raised USD 125 million in a Series C funding round led by Prime Movers Lab. The funding was expected to accelerate commercial production of Reishi and support in R&amp;D, technology development, and hiring new employees.

MycoWorks

Checkerspot is a manufacturer of microalgae-based performance materials which are used to produce consumer products, including skis and surfboards. The company modifies microalgae’s genes to derive new molecular building blocks and then bioengineers production of consumer products. Microbes are optimized to biomanufacture unique, natural structural oils that were previously not accessible on a viable, commercial scale. The company’s primary focus is on high-performance polyurethanes and coatings made from bio-based oil via fabrication.The company’s commercialized products include Algal Core (a light-weight urethane-based composite) and Algal Wall (cast urethane), both products are offered under the WNDR Alpine brand while algal oil is sold under the miDori bioWick. In February 2021, WNDR Alpine, Checkerspot’s outdoor brand, received the B Corp Certification, private certification granted to for-profit companies by the B Lab, a global non-profit organization formed to support the movement of using businesses as a force for good. Key customers and partnershipsThe company has partnered with Beyond Surface Technologies (BST) to commercialize miDori BioWick, an algal oil used in BST’s wicking textile finish. As of August 2020, the company’s co-development partners also included W.L. Gore and DIC Corporation.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates/16362">February 2023, </a>Checkerspot raised USD 55 million in Series C funding led by ArrowMark Partners to accelerate the development and commercialization of biobased alternatives for everyday products and expand into markets, such as industrial applications, personal care, and food and nutrition.

Checkerspot

Mi Terro converts milk waste into sustainable yarn, using a self-developed technology known as Pro-Act that extracts casein protein molecules from milk. The protein is purified and undergoes a dynamic flow shear spinning process, converting the casein to sustainable fiber. The resulting yarn is claimed to be three times softer than cotton and has applications in textiles, food packaging, bedding, personal care, and medical sectors. Mi Terro has also developed a limited-release ocean-waste duffle bag. Key customers and partnershipsThe company has partnered with Nike, Danone, Toyoshima, DFA, Mitsubishi, Lair East Labs, Dole, Budweiser, and Harada. In <a href="https://sp-edge.com/updates/23179">October 2023</a>, the company partnered with Lipton to develop dissolvable tea pods. Funding and financialsThe company completed two rounds of funding in 2020, raising USD 100,000 in January 2020 and USD 50,000 in March 2020. In January 2021, the company also won the Meda Million Dollar Challenge and received a USD 300,000 prize. In March 2022, the company raised USD 1.5 million in a Seed round led by Astanor to scale up production.

Mi Terro

Modern Meadow develops collagen-based materials from plant proteins, using a range of biofabrication processes including the creation of bio alloys, solution dyeing, protein design, and fermentation. The focus of the company is on the luxury branded market with its fully biodegradable proprietary brand, “ZOA”. Modern Meadow also reports that it is developing “Bioleather1 (BL1)”, an alternative to chrome tanned bovine leather made using its proprietary BioAlloy process. According to research published by the company in <a href="https://sp-edge.com/updates/8431">February 2022 </a>, BL1 reduces greenhouse gas emissions by 80% and 20% compared to traditional and synthetic leather respectively. It also reduces water consumption from groundwater sources, land use, and the subsequent degradation of water bodies during the process by 95% compared to conventional leather production.In April 2020, Modern Meadow announced plans to commence commercial production later that year and was actively looking for manufacturing partners. As of the same date, Modern Meadow employed between 70-90 staff at its 72,000 sq ft factory in New Jersey.Key customers and partnershipsModern Meadow announced a partnership with Evonik in March 2018, to develop and scale-up the commercial production of fermentation-based products.In April 2021, the company reported that it would announce collaborations with fashion brands and industry partners during the following six to nine months. In <a href="https://sp-edge.com/updates/15657">January 2023 </a>, Modern Meadow partnered with Taiwan-based sustainable fabric company, Singtex to develop biomaterials for various applications, beginning with a sustainable, waterproof, membrane-based material for the outdoor apparel market. In <a href="https://sp-edge.com/updates/16786">February 2023 </a>, the company partnered with US luxury brand, Tory Burch, to launch Tory Burch’s first plant-based leather alternative tote, the Ella Bio, powered by Modern Meadow technology, Bio-Alloy.In June 2023, it also formed a strategic partnership with <a href="https://sp-edge.com/updates/19178">Navis TubeTex </a>, a provider of textile machinery, to develop a sustainable textile manufacturing process. During the same month, it also formed a strategic partnership with <a href="https://sp-edge.com/updates/19868">BASF </a>to create an animal-free material called Bio-VERA that replicates the look, feel, and aging properties of traditional leather, suede, or chamois.In <a href="https://sp-edge.com/updates/30500">June 2024</a>, the company partnered with Earthletica to unveil the Bronte Jacket which used Bio-Alloy Shield technology.Funding and financialsIn April 2021, the company raised USD 130 million in a Series C funding round led by Key Partners Capital to (i) develop the company's biofabrication technology, used in creating an alternative to fossil-fuel-based textile coatings; and (ii) scale-up and commercialize its collagen-based leather material.

Modern Meadow

Developers of materials with applications across apparel, automobile, home goods, etc.

Developers of non-leather material alternatives such as wool, silk, and viscose—mostly for apparel

Developers of alternatives to plastic and other materials used in packaging

Reuses waste to create bio-based materials

Sustainable alternatives to materials like animal leather, silk, plastic

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
 AMSilk, a producer of spider silk biopolymers and a subsidiary of Switzerland's <a href="https://sp-edge.com/companies/43886"> Givaudan </a>, has entered a partnership with Ajinomoto Foods Europe. The collaboration aims to manufacture bio-based silk proteins at Ajinomoto's facility in Nesle, France.
 By leveraging Ajinomoto's expertise in precision fermentation and its strategic location near AMSilk's primary customers, the partnership intends to provide high-quality, sustainable silk proteins created using local raw materials and renewable energy. The target market for these proteins are the premium textile and consumer goods industries.
</div> Analyst QuickTake: 
 The partnership with Ajinomoto complements an earlier <a href="https: 
//sp-edge.com/updates/25622"> January 2024 </a> partnership with&nbsp;21st.BIO to develop new protein-producing strains via precision fermentation, aiming to&nbsp;expand its portfolio to include different types of fibers and proteins.

AMSilk

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