Italian biotech SQIM secures €11M for mycelium-based material innovation: Know more

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Inarzo, Italy-based SQIM (previously Mogu Srl), a company specialised in EU/ITA material innovation, announced on Monday that it has secured €11M in a Series A round of funding led by CDP Venture Capital.

Other investors including, European Circular Bioeconomy Fund (ECBF VC), Kering Ventures, and Progress Tech Transfer, participated in the funding round. 

The recent funding will support the further industrialisation of its mycelium-based technologies and the expansion of its product lines, EPHEA and MOGU. 

This funding will also enable the company to scale its industrial activities, expand its team, and enhance its research and development efforts.

The company, known globally as SQIM, will change its legally registered name from Mogu Srl within a few weeks of the closing date.

The funds will provide a crucial financial boost for SQIM, enabling the company to leverage its proprietary technological platform, which combines biological fermentation with biochemistry. 

This investment aims to accelerate industrial scaling by establishing a new demonstration production plant. This facility will showcase several technological advancements in processes, contributing to the material innovation industry globally. 

The focus is on meeting the growing demand for mycelium-based products driven by a commitment to quality. 

By doing so, SQIM seeks to cater to an increasingly expanding customer base, offering top-notch, high-value products. 

This strategic move positions the company ahead of the curve for upcoming commercial product launches and partnerships spanning various sectors, including fashion, interior design, automotive, and beyond.

Stefano Babbini, CEO and Co-Founder of SQIM says, “I’m extremely proud of what we just achieved. SQIM team has been working very hard in the last years with the mission of proving that innovation, sustainability, and industrialisation can not only co-exist but even offer added value to different industries whether properly cooked. This amazing company step represents the natural outcome of such efforts, creating the conditions for delivering a real impact in next future. There is a huge excitement around our job, and we feel like we are about to start a new journey. There is no doubt we have found the best Partners supporting our ambitious plan.”

SQIM: Forefront of material innovation

Established in 2015, SQIM is a multidisciplinary, innovation-driven biotech and biomaterials company. 

The company is at the forefront of material innovation, consistently delivering innovative materials and products by harnessing the natural power of fungal mycelia, and today primarily addressing markets including Fashion, Interior Design, and Automotive.

Mogu Srl offers two primary product lines — EPHEA and MOGU. 

EPHEA represents an entirely new class of animal-free alternatives primarily dedicated to the fashion and automotive industries. 

By interweaving the cells of selected fungal mycelia along bespoke fermentation-based processes, Mogu Srl produces raw mycelium materials of the highest quality and homogeneity. 

These materials are then transformed and finished using innovative, environmentally sound methodologies in partnership with companies from the tanning industry. 

The result is exquisite, sophisticated, and high-quality materials that cater to luxury fashion and other market segments.

Maurizio Montalti, Chief Mycelium Officer, and Co-Founder of SQIM, says, “This successful fundraiser is a validation of the potential of our breakthrough technologies and next-gen materials and products. It will be a catalyst to accelerate our growth further and faster, while significantly boosting our R&D efforts. The investment will power the competence and creativity of our incredible teams, driving our plans to allow for the most effective market penetration of positively disrupting materials and products in Fashion, Interior, Automotive, and many more industries, to create a positive impact, while contributing to shaping a more ethically and ecologically responsible industry. We cannot wait to continue this incredible journey with our new partners.”

The investor

CDP Venture Capital is an asset management company that manages 13 investment funds, amounting to over €3B in resources that support innovative enterprises at all stages of their life cycle, making both direct and indirect investments (funds of funds). 

Enrico Filì, Head of IndustryTech sub-fund of Corporate Partners I fund, CDP Venture Capital says, “We believe there is a great opportunity at the intersection between industries like fashion, design, luxury, etc. where Italian companies historically are worldwide recognized as leaders and distinctive technologies and applications as SQIM’s ones. With this financing round SQIM will be able to scale up the production and meet the untapped demand for sustainable and circular products that brands are eager to propose to their customers. SQIM’s team together with the support of international Investors will have the chance to bring to the market a complete set of new materials and products that will contribute to the de-carbonization of our planet.”

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Vigneshwar Ravichandran

Vigneshwar has been a News Reporter at Silicon Canals since 2018. A seasoned technology journalist with almost a decade of experience, he covers the European startup ecosystem, from AI and Web3 to clean energy and health tech. Previously, he was a content producer and consumer product reviewer for leading Indian digital media, including NDTV, GizBot, and FoneArena. He graduated with a Bachelor's degree in Electronics and Instrumentation in Chennai and a Diploma in Broadcasting Journalism in New Delhi.

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