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Mycocycle raises USD 3.6 million in seed extension funding to expand partnerships and operations
Waste Recovery & Management Tech
May 8, 2024
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Waste Recovery & Management Tech

Waste Recovery & Management Tech

May 8, 2024

Mycocycle raises USD 3.6 million in seed extension funding to expand partnerships and operations

Funding

  • Biotech firm Mycocycle, an Illinois-based biotechnology startup transforming industrial waste into new raw materials using fungi, has raised USD 3.6 million in a seed extension round. Investments were led by the Closed Loop Partners' Ventures Group, with participation from the TELUS Pollinator Fund for Good, U.S. Venture, Inc., and the Illinois Department of Commerce and Economic Opportunity INVENT Fund.

  • Mycocycle plans to use these funds to deepen ties with its current waste material partners, expanding its waste-to-value operations, and recruiting key personnel for their marketing, technology, and operations teams.

  • Analyst QuickTake: Previously in May 2023 , the company raised USD 2.2 million in a seed round to expand its team and establish a model pilot facility. Mycocycle has since expanded its monthly mycelium-based waste treatments tenfold. The latest round brings the company’s total funding to USD 7.3 million.

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