Mycocycle getting fresh capital for its fungi based circular economy

29 May 2024 16:19

Bolingbrook - Mycocycle is harnessing fungi to transform carbon-based construction waste into new products, creating a circular economy that removes harmful toxins from the environment. The Illinois-based company announced $3.6 million seed extension, bringing its total investment to raised $7.3 million.

Fungi might be at the center of a new circular economy. The Bolingbrook, Illinois-based Mycocycle recently announced an oversubscribed $3.6 million seed extension led by Closed Loop Partners’ Ventures Group with additional investment from TELUS Pollinator Fund for Good, U.S. Venture, Inc., and the Illinois Innovation Venture Fund (INVENT). To date, the company has raised $7.3 million.

The company uses lightweight and fire and water-resistant fungal root structures called mycelium to detoxify and recycle asphalt shingles, insulation, crumb rubber, gypsum drywall, and other materials into acoustic tile, flooring, concrete, walls, and insulation.

“Mycocycle helps decarbonize the construction material supply chain through a cost-effective, sustainable process that produces useful raw material for the building industry,” said Mycocycle Founder and Chief Executive Joanne Rodriguez in a May 8 press release.

This circular system is helping convert 145 million tons of construction debris dumped into American landfills annually into new products. The construction industry generates around a third of American greenhouse gas emissions. Mycocycle’s products also help builders cut their so-called Scope 3 emissions from raw material extraction and waste disposal.

The new funding will help Mycocycle strengthen preexisting partnerships, scale its waste-to-value chain, and hire talent in marketing, technology, and operations.

“Mycocycle embodies Closed Loop Partners’ advancement of a truly circular economy and paints the vision for how rapid decarbonization of the construction supply chain can be profitable for companies today,” said Aly Bryan, an investor in Closed Loop Partners’ Ventures Group. ce/jd

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