South Korean biomaterial making startup Mycel raises $10 million

Mycel, a South Korea-based startup making fungal-based biomaterials to replace leather and meat has raised $10 million in its Series A funding round.

• The fund will be used to open a production plant in South Korea to scale its manufacturing of fungal-based biomaterials and hire more employees.
• Mycel is a manufacturing startup that uses a root-like structure of mushroom to make leather substitutes usable for car seats and luxury cosmetic products.
• The startup also develops a fungi-based biomaterial that can be used as an alternative protein as a disruptive innovation in the meat sector.
• Korea Development Bank, Industrial Bank of Korea, Hyundai Motor's Zero 1 Fund, Stone Bridge, We Ventures, and Spring Camp invested in the round.