Mycocycle Raises $2.2M in Seed Funding to Scale Mushroom-Based Circular Solutions
Waste like asphalt shingles are detoxified by mushrooms and transformed into renewable byproducts
Bio-technology company Mycocycle announced it has raised a total of $2.2 million in seed funding, bringing total funds raised to $3.7 million. Led by Anthropocene Ventures, the seed funding round also includes investments from the TELUS Pollinator Fund for Good, Alumni Ventures, and Telescopic Ventures, among others. The new capital enables Mycocycle to establish a model pilot facility, develop its first-generation decentralized treatment container, validate reuse of its bio-based byproduct, and expand its team.
With this funding, Mycocycle will expand its team with five new roles, including vice president of research and innovation and vice president of operations and product development. The company also plans to establish a model pilot facility to expand operational capabilities and develop its first generation decentralized treatment container, MYCOntainer(C), which will increase Mycocycle's capacity to serve customers beyond their worksites. Leveraging the new capital, Mycocycle anticipates validating its biobased byproduct by Q3 of 2023.