SQIM SECURES € 11 MILLION IN SERIES A FUNDING FOR INDUSTRIALIZATION OF MYCELIUM-BASED TECHNOLOGIES
Summary
PRESS RELEASE: SQIM SECURES 11 MILLION IN SERIES A FUNDING FOR INDUSTRIALIZATION OF MYCELIUM-BASED TECHNOLOGIESSQIM, formerly known as MOGU SRL, has successfully closed a 11 Million funding round.Key investors such as CDP Venture Capital, ECBF VC, Kering Ventures, and Progress Tech Transfer have been contributing to the round, to support of SQIMs technologies industrial growth, and consequently powering up its two business lines and brands EPHEA and MOGU.The funding round, led by CDP Venture Capital with participation from ECBF VC, Kering Ventures, and Progress Tech Transfer, will enable SQIM to expand Industrial Scale-Up through the launch of a newly dedicated Demo Plant, while further accelerating Research and Development activities, and Strengthening the Team.Established in 2015, and globally recognized as pioneer in mycelium-based technologies ,SQIM is a multidisciplinary, innovation-driven biotech and biomaterials company. SQIM is at the forefront of material innovation, consistently delivering innovative materials and products by harnessing the natural power of fungal mycelia, and today primarily addressing markets including Fashion, Interior Design, and Automotive.SQIMs approach embeds a meaningful demonstration of the effective possibility for truly making things better, through technologies and products that strongly mitigate environmental impacts and advance sustainable practices.Im extremely proud of what we just achieved. This amazing company step represents the natural outcome of such efforts, creating the conditions for delivering a real impact in next future. There is no doubt we have found the best Partners supporting our ambitious plan.At the same time, Maurizio Montalti, Chief Mycelium Officer, and Co-Founder of SQIM, also commented: This successful fundraise is a validation of the potential of our breakthrough technologies and next-gen materials and products. 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 positive impact, while contributing to shaping a more ethically and ecologically responsible industry.