The funding round for Sqim, which primarily addresses markets in fashion, interior design, and automotive, was spearheaded by CDP Venture Capital and backed by ECBF VC, Kering Ventures, and Progress Tech Transfer.
The funds will be channelled towards expanding the industrial scale-up through the launch of a dedicated demo plant.
Sqim also plans to accelerate research and development activities and strengthen its team to further advance its two prominent business lines and brands – Ephea and Mogu.
As part of this transformative phase, the biomaterials company will officially transition from its legal name Mogu SRL to Sqim within a few weeks following the closing date.
Maurizio Montalti, chief mycelium officer, and co-founder of Sqim said the successful round validates the company’s potential to offer breakthrough technologies and next-gen materials.
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He added: “It will be a catalyst to accelerate our growth further and faster, while significantly boosting our R&D efforts. The investment will power the competence and creativity of our incredible teams, driving our plans to allow for the most effective market penetration of positively disrupting materials and products in Fashion, Interior, Automotive, and many more industries, to create a positive impact, while contributing to shaping a more ethically and ecologically responsible industry.”
Founded in 2015, Sqim has garnered global recognition in mycelium-based technologies. The multidisciplinary company aims to deliver materials and products by using the natural power of fungal mycelia.
Sqim CEO and co-founder Stefano Babbini said: “The Sqim team has been working very hard in the last years with the mission of proving that innovation, sustainability, and industrialisation can not only coexist but even offer an added value to different industries whether properly cooked.”
Sqim said its approach is defined as demonstrating the effective possibility of “making things better” through technologies and products that mitigate environmental impacts and promote sustainable practices.