Ecovative Design, a producer of packaging materials using mycelium-based fungus, has raised over USD 30 million in Series E funding led by Viking Global Investors, bringing the total funds raised to USD 120 million. Other investors include FootPrint Coalition Ventures, Standard Investments, and AiiM Partners.

Ecovative will use USD 15 million of the 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.

The company also reports 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, acquiring a new raw material facility in the Netherlands, expanding production capacity, and successfully implementing its AirMycelium technology.

Analyst QuickTake: Ecovative last raised USD 60 million in 2021 via Series D funding. Last year in January 2022, it launched Forager, a business platform for Mycelium-based hides and foams for the automotive and fashion industries. The new funding will support this business which is Ecovative’s current focus. Apart from Forager, Ecovative operates three other business platforms: 1) MycoFlex for mycelium foam for use in the textiles, skincare, and apparel industries; 2) MycoComposite, which produces bio-based compostable materials and; 3) Atlast Food Co, a plant-based meat arm producing bacon.