MycoWorks is a biotech startup specializing in the delivery of materials made without plastic or animal ingredients for the market. Its products aim to achieve sustainability through the use of advanced biomaterials with materials that have the feel and performance features of leather. The company has made recent news with its latest round of investor financing that has moved it into a superior position for profitability. It’s a business that investors believe in, and support as it offers the potential to disrupt areas of the materials market with its groundbreaking products. If you’re not familiar with this organization, here are twenty things you probably didn’t know about MycoWorks to bring you up to speed.
1. MycoWorks is good for the planet
According to Crunchbase, MycoWorks is a biotech company that engages in developing and marketing materials that are like leather, without using animal products or plastics in their creation. No animals are harmed in the production of its materials. MycoWorks has developed advanced biomaterials through technologies that are sustainable and versatile. The flagship material is called Reishi. It is made of Fine Mycelium ingredients for a naturally and sustainably sourced product that is good for the planet.
2. MycoWorks products are exceptional leather alternatives
Consumers who prefer aesthetics including look and feel, and the performance of genuine leather now have an alternative to slaughtering animals to get the product. Reishi material features the performance of cowhide leather, through engineering that results in premium materials with versatility in its applications. Reishi can be used wherever you would typically use leather.
3. MycoWorks is a versatile organization
MycoWorks is a versatile company that is listed across six industries on the internet. It is primarily classified as a biotechnology company, but it also engages in product research, sustainability, and renewable energy practices. MycoWorks produces building material that qualifies it for inclusion in multiple industries.
4. MycoWorks is an American company
MycoWorks was established in 2013. The company is entering its ninth year of operation. The co-founders are Sophia Wang and Philip Ross. They build the company at its current headquarter location in Emeryville, California. It is spotlighted for diversity as a women-founded company
5. MycoWorks uses a complex array of technologies to run its website
When you visit the MycoWorks website, you can expect a smooth and seamless experience. The website actively uses fifty-two technologies to power its website. These technologies are distributed across sixteen technology products and services. Some of them include SPF, iPhone Mobile compatible, for mobile access, Viewport Meta, jQuery, Google Analytics, HTML 5, and several more.
6. Interest in MycoWorks products in growing
The website analytics for the MycoWorks website shows that interest in the products and services provided by this organization is growing. Over the past thirty days, 9,417 people have visited the website, showing a monthly visits growth rate of 32.97 percent. The number of visitors puts MycoWorks as number 1,293,698 of the millions of websites registered on the world wide web. It’s not the largest in terms of web traffic but it’s somewhere in the middle of all companies. The data gathered through the analytics programs provide decision-makers at MycoWorks with information necessary to take the most appropriate actions for the direction of the company.
7. MycoWorks is the most popular in the United States
The largest percentage of web traffic for the MycoWorks website is from people in the United States. Sixty-one percent of the web traffic is from this country, with a monthly visits growth rate of 36.49 percent. Eighteen percent of the visitors are from the United Kingdom with a monthly visits growth rate of 10.98 percent. Fourteen percent of website visits are from the Philippines, with a high monthly growth rate of 158.8 percent. Five percent of visits are from Ukraine, and three percent are from Germany with a monthly visits growth of 8.73 percent over the past thirty days.
8. MycoWorks has an executive leadership team of 8
The executive leadership team at MycoWorks is small, yet effective. It is comprised of eight members. Matthew Scullin is the chief executive officer. Sophia Wang is a co-founder and chief of staff and culture. Philip Ross is a co-founder and chief technology officer. Frederick Martel is the senior vice president of sales and business development. Kimberly Saunders is the vice president of the people. Eliana Gallego is a brand consultant. Mike Lindheim is the chief operations officer, and Rachel Foote is the quality lead. The executive leadership team is supported by numerous managers and administrators.
9. MycoWorks has a two-member board of directors
The board of directors for MycoWorks is small. It is comprised of just two members. Christopher E. Griffin joined the board as an advisor in February 2018. he founded one organization and currently serves on three boards of directors in advisory roles. Paul Straub joined the board as a member in 2019. He is a managing partner, director, and co-founder of Wireframe Ventures. He has founded one organization and currently serves on fourteen boards of directors in advisory roles.
10. MycoWorks is a venture capital-backed organization
MycoWorks has participated in six rounds of venture capital fundraising. The most recent round of Series C funding closed on January 12, 2022. The total amount raised by VC investors is $187 million. This is a significant boost that provides for the funding necessary to continue the research and development of new products for the consumer market.
11. MycoWorks has high investor confidence
MycoWorks has attracted the interest and support of twenty-three investors. The most recent investors to join in fundraising efforts are SK Networks and Mirabaud Asset Management. These investors are joined by Prime Movers Lab, a lead investor, 10X Capital, 8VC, Natalie Portman, DCVC Bio, a lead investor, WTT Investment, a lead investor, John Legend, George Godula, and a few others. We found it interesting that two celebrity figures who are known for their passion for protecting animal rights and supporting sustainability projects invested in the MycoWorks company.
12. MycoWorks is an innovative tech company
According to Techcrunch, MycoWorks is a true innovator in the biotech sphere. The materials used to create its flagship near leather product come from fungus-based biomatter. Although it’s a novel approach to making material, it is a brilliant plant to make the most of renewable biomaterials, to turn them into custom luxury materials. The engineered material uses a Fine Mycelium process in the creation of the leather replacement. Technicians grow the mycelium and customize the platform to deliver-made to specification luxury materials for its clients.
13. MycoWorks stands out from similar companies
MycoWorks isn’t the only biotech company specializing in sustainable, natural luxury materials, but they do stand out from the crowd. The unique platform for creating its products helps it to stand out. Most companies that produce similar biotech products use the fibers of natural materials but embed them in plastic. The use of plastics lowers the quality. It produces a material that is more like pleather, or what the public refers to as “cheap imitation leather.” We cannot accuse MycoWorks of resorting to this cost-saving shortcut. Their final product maintains a higher quality regarding its strength, durability, and similarity to genuine leather.
14. MycoWorks does have stiff competition
Some companies in the fashion industry provide Mycoworks with stiff competition. Among them is Desserto, a company that performs similar operations using cactus material to produce high-quality material that is similar to leather. Bolt Threads uses mushroom fiber. Ananas Anam uses pineapple fibers. MycoWorks isn’t the only game in town, but they’re the only biotech company to use its fungus-based materials without the addition of plastics. They join the group of conscientious companies that are interested in producing the best possible quality products while doing their part to help preserve the planet through sustainability and the protection of animals.
15. MycoWorks is partnering with major fashion brands
Investors are pleased with the progress that MycoWorks is making in establishing meaningful contracts with major global luxury brands. So far, they’ve confirmed a 2021 partnership with Hermes, along with many others, to provide the luxury materials used to create branded and labeled luxury items that they will offer to consumers on the market. The success of these products will help to determine the future of MycoWorks. If they sell out quickly additional material will be needed, and if they don’t, MycoWorks will need to pursue other partnerships to keep the demand high for their materials. It doesn’t appear to be a concern at this time.
16. MycoWorks is gearing up for expansion
We also learned that MycoWorks leaders are gearing up for a big expansion of its operations. They’re considering a mass-scale production jump that offers materials at a range of price points to reach more partners in the global market. The most recent round of VC funding has secured the means for them to do so.
17. MycoWorks is adding a new production plant
The Emeryville, California plant has been a successful producer for MycoWorks. Even though it’s doing well, the plant can not keep up with the growing demand for the products. Plans for a new production plant in Union, South Carolina, are underway. The new structure will be the second plant in the company’s history. It will help enhance the production capacity to accommodate new orders for the products. Executives at MycoWorks expect the second plant to be fully operational within a year, complete with research and development teams and processors to create millions of square feet of the product annually. This phase is an exciting time in the development of the company.
18. Requests are pouring in by the thousands
MycoWorks may be a lead producer of the hottest new commodity in the materials market. Consumers drive the demand for sustainable goods, such as their Reishi material, and they’re buying up products made of the fabric quickly. Brands have inundated the company with thousands of requests for those who wish to be among the first to use the Fine Mycelium-based products.
19. MycoWorks is a disruptor in the industry
MycoWorks has achieved the status of disruptor with its Reishi material. The response has been overwhelmingly positive from big brands who believe in the product for their consumer bases. So far, Reishi is unrivaled in its quality as a luxury material. The fashion industry is undergoing a shift. It is moving away from demands for genuine leather-based products to more sustainable and animal-friendly materials. The changes are good news for MycoWorks. Its flagship product is making waves in the material manufacturing niche of the fashion industry. We’re comfortable agreeing that it’s causing some major disruptions and it’s likely to continue to do so. These are positive changes that could have a positive impact on public perceptions, helping to change attitudes about material quality and what is best for our environment. Reishi is a revolutionary new material that will help to satisfy the longing of leather enthusiasts with one of the best alternative solutions that the industry has seen so far.
20. MycoWorks is currently hiring
LinkedIn confirms that MycoWorks is making good on its threat to expand operations on a grander scale. While the company is advertising its new position in Union, South Carolina, it’s also beefing up staffing and operations at the headquarters in Emeryville, California. So far, we’ve seen sixteen new jobs posted for both areas. there are a lot of management and upper management level positions up for grabs. Posting started about three weeks ago, and new job openings are appearing almost daily. Mycoworks is preparing to enlarge its current workforce to prepare for the massive expansion of its operations. MycoWorks is a company to keep your eye on. Although we’ve not yet heard of any plans to take the organization to the public arena, it’s not unheard of. For the time being, you won’t be able to find stock shares on any of the public exchanges because MycoWorks is still a privately held company, securing funding through its VC investors.