London-based Magical Mushroom Company has raised £ 3m in seed funding to scale their environmentally friendly packaging and fund its first raw material production plant in Nottinghamshire.
The Magical Mushroom Company has come up with a potential solution to replace the use of plastic and cardboard in packaging.
It does this by mixing agricultural waste with the basic structure of a mushroom (mycelium) to make a material that is biodegradable and similar in cost to other packaging options.
“We have just eight years to achieve the UN Sustainable Development Goals and businesses have a vital role to play – but they need sustainable and cost-effective solutions that will significantly reduce the carbon footprint across their entire supply chain, ”Said Paul Gilligan, CEO and founder of Magical Mushroom Company.
Unlike other compostable packaging, Magic Mushroom solution does not require the use of chemicals or industrial aids and will break down naturally within 45 days.
With the new capital the start-up business plans to open its first raw material production plant in Beeston, Nottinghamshire. The 10,000 sq ft site will create up to 15 jobs in the region.
It will be the company ‘s fourth factory and will allow full control of its manufacturing. Funding will also be used to increase automation at other Magical Mushroom factories in the UK and Bulgaria.
Companies such as Selfridges, Lush, Seedlip and ID Watch are already using the mushroom packaging.
The seed funding round was led by Ecovative Design LLC. It also attracted capital from Dale Vince, founder of the green energy business Ecotricity; activist Robert Del Naja along with Adoreum Partners co – founder Marcus Watson who introduced 30 investors.
Thomas Van Haren, director, MycoComposites, Ecovative Design LLC: “The packaging industry is changing and we need to support innovative solutions so that we can move away from our dependence on fossil fuels. At the Magic Mushroom Company, there is already a viable alternative that produces high quality sustainable packaging on an industrial scale. ”
Last August the Oxford start-up raised £ 58m to use it Psychedelic mushrooms to treat headaches.
This start-up raised £ 3m to replace the packaging with a mushroom mix
Source link This start-up raised £ 3m to replace the packaging with a mushroom mix