Ecovative Design

Ecovative Design produces advanced packing materials using mycelium-based fungus. The company produces macrostructures, which have tunable characteristics that allow the company to manufacture solutions such as packaging materials, makeup foam, insulated jackets, thermal lines, and structures for plant-based meat. 

Ecovative operates four platforms: 1) MycoFlex, which converts the macrostructures into pure mycelium foam that can be applied in the textiles, skincare, and apparel industries, 2) MycoComposite, which uses mycelium to bind agricultural byproducts together to produce bio-based, durable, and 100% compostable materials and, 3) Atlast Food Co, a plant-based meat arm producing bacon made from mushroom material and 4) Forager, launched in January 2022, for Mycelium based hides and foams for the automotive and fashion industries. 

Ecovative has a 35,000 sq ft production and research facility located in New York. In addition, its AirMycelium manufacturing platform, announced in March 2021, is capable of producing 100,000 lbs of Mycelium per year. During mid-2023, the company reported that it has made significant strides over the year in scaling its mycelium technology by investing in new manufacturing facilities (120,000 sq ft), partnering with over 15 global brands, and acquiring a new raw material facility in the Netherlands.

Key customers and partnerships

The MycoComposite platform is patented and has been licensed out by UK-based Magical Mushroom Company, a mycelium-based packaging producer, US mycelium packaging producer Paradise Packaging, and Grown.bio, a producer of mycelium packaging, insulation panels and interior design products based in the Netherlands. Forager expects to secure partnerships with leading brands as a part of the Fashion for Good Cooperative initiative , offering mycelium hides and foams necessary for the development of sustainable products.

In April 2011, Dell announced the launch of a pilot project involving patented mushroom packaging for its computers, called EcoCradle. Dell’s packaging team worked with Ecovative Desgin’s mushroom engineers to develop the packaging materials. In 2019, media reports stated that IKEA had made the switch from Styrofoam to mushroom-based packaging via Ecovative Desgin’s MycoComposite platform, across all its products. 

Funding and financials

In May 2023, the company raised over USD 30 million in Series E funding led by Viking Global Investors. Prior to this in March 2021, Ecovative Design raised USD 60 million in Series D funding led by Viking Global Investors. In June 2023, the company raised USD 30 million in Series E funding  to support its MyForest Foods Co. subsidiary, while the rest will be used to scale its sustainable textile and foam products in its Forager business.