Mycocycle Raises $3.6 Million to Transform Waste into Sustainable Raw Materials with Fungi
Summary
CHICAGO, May 08, 2024 (GLOBE NEWSWIRE) -- , a nature-inspired, woman-owned biotechnology company that uses fungi to transform organic waste into reusable materials, today announced an oversubscribed $3.6 million Seed extension. Closed Loop Partners Ventures Group led the round with follow-on investment from the TELUS Pollinator Fund for Good and participation from U.S. Venture, Inc. and the Illinois Department of Commerce and Economic Opportunity INVENT Fund.The funding brings Mycocycle to $7.3 million raised to date and follows the companys announcement of a $2.2 million Seed round one year ago.Mycocycle will use the funding to deepen relationships with existing partners for waste materials, further scale its waste-to-value chain, and make key leadership hires for marketing, technology, and operations teams.Compared to May 2023, Mycocycle now completes over 10 times as many mycelium-based treatments per month. The companys bioremediation process blends the treatment with built environment waste (asphalt shingles, rubber, gypsum boards, insulation lining, and old textiles) and transforms it into non-toxic, high-quality raw materials.This circular waste-to-value system diverts some of the roughly of construction debris sent annually to landfills and decarbonizes a sector responsible for of annual U.S. greenhouse gas emissions.Mycocycle also helps reduce emissions that are associated with a companys value chain but outside of its direct control. Further, the unique characteristics of mycelium lead to materials that are lightweight, thermally insulating, fire-retardant, and water-repellent.There are two main parts of Mycocycles circular business model: Mycelium treatment: Mycocycle helps its customers use fungi to break down and detoxify waste materials at their own demolition or construction sites. Because they require less energy to go to market, these materials are more sustainable than their counterparts made from plastic polymers or petroleum chemicals.Mycocycle embodies Closed Loop Partners advancement of a truly circular economy and paints the vision for how rapid decarbonization of the construction supply chain can be profitable for companies today, said Aly Bryan, Investor at Closed Loop Partners Ventures Group.