Kering Supports Mogu in $12M Funding Round

Kering’s venture arm joins funding round for biomaterials start-up Mogu

French luxury group Kering’s venture investment arm has announced its participation in Italian biomaterials start-up Mogu’s latest funding round. Led by CDP Venture Capital and the European Circular Bioeconomy Fund, the series A funding round raised €11 million ($12 million). While the exact size of Kering’s investment remains undisclosed, its involvement is a testament to the growing interest in sustainable materials within the fashion industry. Mogu, which plans to change its name to Sqim following the investment, aims to use the funds to construct a demo plant and further develop its mycelium-based products.