Carbon-negative insulation firm secures pre-seed funding | South West Deals News
Summary
A Bristol start-up working to decarbonise the construction industry has completed a pre-seed funding round led by Green Angel Syndicate (GAS).The round raised for Bristol- and Lisbon-based Mykor has been led by Green Angel Syndicate and Sustainable Ventures.The investment will support the companys expansion plans for its carbon-negative insulation, MykoFoam.MykoFoam, Mykors proprietary thermal and acoustic insulation, feels and performs like foam but is completely renewable, unlike polystyrene. It incorporates by-products from the paper industry that would normally be discarded to landfill or incinerated.Mykor has previously secured grants totalling \xa3470,000 from Innovate UK and the EU, which funded the early stages of research and development. The new funding will help the company build its pilot manufacturing line to launch and certify MykoFoam in the UK and Portuguese markets.It will also allow Mykor to expand its team in Portugal and test concepts for upcoming projects.GAS chief executive Cam Ross said: "Completing our investment in Mykor represents a significant further step for GAS towards helping to decarbonise the construction industry. "Valentina Dipietro, co-founder of Mykor, added: "Were delighted to have secured this pre-seed funding round, which will allow us to accelerate our expansion plans and bring MykoFoam to market. "Our mission is to decarbonize the construction industry and make sustainable housing a reality, and were excited to take this important step towards achieving that goal."