Inarzo, Italy-based SQIM (previously Mogu Srl), a company specialised in EU/ITA material innovation, announced on Monday that it has secured €11M in a Series A round of funding led by CDP Venture Capital.
Other investors including, European Circular Bioeconomy Fund (ECBF VC), Kering Ventures, and Progress Tech Transfer, participated in the funding round.
The recent funding will support the further industrialisation of its mycelium-based technologies and the expansion of its product lines, EPHEA and MOGU.
This funding will also enable the company to scale its industrial activities, expand its team, and enhance its research and development efforts.
The company, known globally as SQIM, will change its legally registered name from Mogu Srl within a few weeks of the closing date.
The funds will provide a crucial financial boost for SQIM, enabling the company to leverage its proprietary technological platform, which combines biological fermentation with biochemistry.
This investment aims to accelerate industrial scaling by establishing a new demonstration production plant. This facility will showcase several technological advancements in processes, contributing to the material innovation industry globally.
