In a significant development for the biotech industry, SQIM (formerly known as Mogu Srl), an Italian company at the forefront of material innovation, has successfully secured €11 million in a Series A funding round. This substantial investment, led by CDP Venture Capital, marks a pivotal moment in the company’s journey towards revolutionizing the use of mycelium-based materials.
The funding round saw participation from notable investors including the European Circular Bioeconomy Fund (ECBF VC), Kering Ventures, and Progress Tech Transfer. This financial infusion is set to bolster SQIM’s efforts in further industrializing its mycelium-based technologies and expanding its product lines, EPHEA and MOGU.
Paving the Way for Mycelium-Based Products
With this new capital, SQIM aims to scale its industrial activities, grow its team, and enhance its research and development capabilities. The company, which will soon update its legal registration from Mogu Srl to SQIM, is leveraging a unique technological platform that combines biological fermentation with biochemistry. This investment will facilitate the establishment of a new demonstration production plant, showcasing technological advancements and contributing globally to material innovation.
From Mogu Srl to SQIM
The companies focus is on meeting the increasing demand for mycelium-based products, driven by a commitment to quality and sustainability. The company is positioning itself to cater to a growing customer base with high-value, top-notch products. This strategic move is crucial for upcoming commercial product launches and partnerships across various sectors, including fashion, interior design, and automotive.
Stefano Babbini, CEO and Co-Founder of SQIM, expressed immense pride in the company’s achievement. He emphasized that SQIM’s hard work over the years has been dedicated to proving that innovation, sustainability, and industrialization can coexist and add value to different industries. This funding represents a natural outcome of these efforts and creates conditions for delivering a real impact in the future.
Established in 2015, SQIM is a multidisciplinary, innovation-driven biotech and biomaterials company. It has been consistently delivering innovative materials and products by harnessing the natural power of fungal mycelia. The company primarily addresses markets in fashion, interior design, and automotive.
Maurizio Montalti, Chief Mycelium Officer and Co-Founder of SQIM, sees the successful fundraiser as a validation of their breakthrough technologies and next-gen materials. He believes this will accelerate the company’s growth and significantly boost R&D efforts, driving plans for effective market penetration of disruptive materials and products in various industries.
CDP Venture Capital, an asset management company managing 13 investment funds with over €3 billion in resources, sees SQIM’s initiative as a great opportunity at the intersection of industries like fashion, design, and luxury. Enrico Filì, Head of IndustryTech sub-fund of Corporate Partners I fund at CDP Venture Capital, highlighted the startups potential to scale up production and meet the demand for sustainable and circular products.
This funding round is more than just a financial boost for SQIM; it’s a testament to the company’s innovative vision and its potential to make a significant impact on the industry, contributing to a more ethically and ecologically responsible world.