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Ecovative Design LLC, a biological science and design company focused on mycelium technology, announced on Tuesday an initial closing of a Series E round of more than $30 million.
A portion of the new funding will be directed toward scaling its Forager division, which supplies mycelium-derived hide textiles and flexible foams to brand partners. Those currently include Ecco Leather, and members of the Fashion for Good Cooperative including Bestseller, Vivobarefoot, PVH Corp., Wolverine Worldwide, Pangaia and The Reformation.
This round brings the total raised by Ecovative to date to $120 million.The material supplier says it plans to expand its production to accommodate new, not-yet-announced commercial product launches in footwear and apparel.
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