Ecovative Design LLC, the world's leading mycelium technology company, has announced the initial closing of a Series E round of over $30 million. $15 million of the raise is being reinvested into its MyForest Foods Co. subsidiary, founded in 2020. The funding will support Ecovative's plans to scale its Forager business into a world-class supplier of sustainable textile and foam products, while the investment into MyForest Foods will support its retail growth as its footprint expands across the Eastern Seaboard. The latest fundraising round was led by Viking Global Investors and includes Standard Investments, FootPrint Coalition Ventures, and AiiM Partners, bringing the total raised by Ecovative to date to $120 million. Citi served as advisors on the transaction.

Ecovative is a biological science and design company, advancing mycelium technology to transform industries with high quality, Earth-friendly materials. Founded in 2007, Ecovative makes mycelium materials and products commercially competitive and accessible to everyone. Leveraging its Mycelium Foundry, with acres of dedicated production capacity and a range of industry leading partners, Ecovative grows better materials for everyday needs.