PRESS RELEASE: SQIM SECURES € 11 MILLION IN SERIES A FUNDING FOR INDUSTRIALIZATION OF MYCELIUM-BASED TECHNOLOGIES
SQIM, formerly known as MOGU SRL, has successfully closed a €11 Million funding round.
Key investors such as CDP Venture Capital, ECBF VC, Kering Ventures, and Progress Tech Transfer have been contributing to the round, to support of SQIM’s technologies’ industrial growth, and consequently powering up its two business lines and brands – EPHEA™️ and MOGU™️.
The funding round, led by CDP Venture Capital with participation from ECBF VC, Kering Ventures, and Progress Tech Transfer, will enable SQIM to expand Industrial Scale-Up through the launch of a newly dedicated Demo Plant, while further accelerating Research and Development activities, and Strengthening the Team.
Established in 2015, and globally recognized as pioneer in mycelium-based technologies ,SQIM is a multidisciplinary, innovation-driven biotech and biomaterials company. SQIM 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.
SQIM’s approach embeds a meaningful demonstration of the effective possibility for truly “making things better”, through technologies and products that strongly mitigate environmental impacts and advance sustainable practices.
Stefano Babbini, CEO and Co-Founder of SQIM, commented:“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 industrialization can not only coexist, but even offer an 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.”
At the same time, Maurizio Montalti, Chief Mycelium Officer, and Co-Founder of SQIM, also commented:“This successful fundraise 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 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 Company, whose legally registered name is currently MOGU SRL, is already globally known as SQIM; the latter, will now become the legally official Company name, within few weeks following the closing date.
A BIG thank you goes to our new partners in this ever-exciting journey – we look very much forward to keeping growing the future together! 🍄✨