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# South Korean biomaterial making startup Mycel raises $10 million
- URL: https://www.techloy.com/south-korean-biomaterial-making-startup-mycel-raises-10-million/
- Published: 2022-08-16T08:48:04.000Z
- Updated: 2022-08-16T08:48:04.000Z
- Author: Oluwajuwonlo Afolabi
- Tags: Agritech, Mycel, Korea Development Bank, Industrial Bank of Korea, We Ventures, Spring Camp

[Mycel,](https://www.mycelproject.com/) 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.