Italian Biotech Startup Mogu Raises €11M for Scaling Operations and R&D
Italian mycelium-based biotech company Mogu has successfully raised €11 million in a Series A funding round. The investment will be used to scale the company’s operations, support further research and development projects, and help establish a new production plant. Mogu, which will soon be legally named SQIM, aims to demonstrate that innovation, sustainability, and industrialization can complement each other and provide added value to different industries.
CDP Venture Capital and ECBF VC Lead Series A Funding for Mogu
CDP Venture Capital and ECBF VC have co-led the Series A funding round for Mogu. The investment was also supported by Kering Ventures and existing investor Progress Tech Transfer. This significant financial backing will enable Mogu to accelerate its growth, enhance its research and development capabilities, and expand into new markets.
Mogu Explores Mycelium and Fermentation Techniques Beyond the Food Industry
In recent years, mycelium and fermentation techniques have gained attention in the food industry, giving rise to numerous startups. Mogu, however, is taking a different approach by looking beyond meat substitutes and cheese. The Italian biotech company aims to develop innovative solutions for the textile, leather, interior, and automotive industries. By leveraging the power of mycelium and fermentation, Mogu is pioneering sustainable materials that can benefit a wide range of sectors.
Mogu’s SQIM Aims to Revolutionize Textile, Leather, and Automotive Industries
Mogu’s brand, SQIM, offers a range of interior design products, including wall coverings, flooring, and acoustic treatments. These products are made using a biobased resin that constitutes 87 percent of the composition. Despite the sustainable nature of their materials, these floor tiles are just as durable and resistant to scratches and abrasions as conventional options. SQIM is not limiting its innovation to the interior design sector; it is also aiming to revolutionize the textile, leather, and automotive industries. Through its separate brand Ephea, SQIM is developing textiles targeted at luxury fashion and automotive applications, with the goal of introducing a new category of material.
SQIM’s Ephea: Luxury Fashion Meets Sustainability with Innovative Textiles
Ephea, a brand under the SQIM umbrella, focuses on creating sustainable textiles for the luxury fashion and automotive industries. SQIM acknowledges the growing consumer shift away from animal-based leathers and aims to provide an alternative through its innovative materials. This forward-thinking approach aligns with the changing values of both consumers and brands, highlighting a future where luxury quality and sustainability go hand in hand. SQIM, with its Ephea textiles, strives to establish a new standard for cruelty-free fashion that doesn’t compromise on quality or style.
Lead image via SQIM.
Analyst comment
Positive news: Italian biotech startup Mogu has raised €11 million in a Series A funding round. The funding will be used to scale operations, support R&D projects, and establish a new production plant. The investment will accelerate Mogu’s growth, enhance research capabilities, and expand into new markets. With its sustainable mycelium and fermentation techniques, Mogu aims to revolutionize various industries, including textiles, leather, interior design, and automotive. The company’s brand, SQIM, offers sustainable interior design products and textile solutions. Through its brand Ephea, SQIM is targeting luxury fashion and automotive applications, providing innovative and cruelty-free materials. As an analyst, the market for sustainable and innovative materials is expected to grow, driven by consumer demand for environmentally-friendly products across different industries.
