Ecovative Design, a producer of advanced packing materials using a mycelium-based fungus, raised USD 60 million in Series D funding led by Viking Global Investors. Other participating investors include Senator Investment Group, AiiM Partners, and Trousdale Ventures. Following this round, Ecovative’s total funding stands at USD 100 million.

The company expects to direct the proceeds toward expanding commercial-scale mycelium materials across key markets and increasing production tenfold. 

The company also reported that it has recently developed a manufacturing platform (named “AirMycelium”), which can support up to 100,000 lb. of mycelium production per year.   

Ecovative operates three 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, its plant-based meat division. The company also partnered with the Magical Mushroom Company (MMC), a sustainable packing material producer,  to scale up the production of MMC’s mushroom-based, biodegradable packaging solution.