The round was led by Prime Movers Lab, with participation from new investors SK Networks and Mirabaud Lifestyle Impact & Innovation Fund, in addition to other new and existing investors. The Series C funding round will be used to launch the first full-scale Fine Mycelium™ production plant to meet the growing demand for the company's materials, including MycoWorks' flagship product, Reishi™.

In 2013, co-founders Philip Ross and Sophia Wang formed MycoWorks, a San Francisco-based biomaterials company dedicated to bringing new mycelium materials to the world. MycoWorks' patented Fine Mycelium technology, an advanced manufacturing platform and breakthrough in materials science, engineers mycelium during growth to form proprietary, interlocking cellular structures for unparalleled strength and durability.