MycoWorks
 | |
| Company type | Private |
|---|---|
| Industry | Biotechnology, Materials Science, Fashion |
| Founders | Phil Ross (Co-founder and Chief Technical Officer) Sophia Wang (Co-founder and Chief of Culture) Eddie Pavlu (Co-founder) |
| Headquarters | , |
Key people | Matthew L. Scullin (former CEO until January 2026) |
| Products | Fine Mycelium, Reishi |
| Website | www |
MycoWorks was a biotechnology company based in Emeryville, California[1] that produced leather-like products using a process involving mycelium. The company was founded in 2013 by Philip Ross, Sophia Wang, and Eddie Pavlu.[2] The company became insolvent in late October 2025, and was liquidated via an Assignment for the Benefit of Creditors process (ABC).
History
Co-founder and former Chief Technical Officer Phil Ross's work with mycelium began before the formation of the company, which assisted in the company's developments.[3] In 2017, Matthew L. Scullin signed on as Chief Executive Officer. In early 2020, the company raised Series A financing, and, later that year, $45 million in Series B financing with Natalie Portman and John Legend participating.[4]
In October 2023, MycoWorks opened a 136,000 square foot facility in South Carolina, including manufacturing operations and corporate offices,[5] and providing approximately 400 jobs[6]. The factory, producing Reishi™, operated at 22% of its capacity threshold.[7] In August 2025, the facility conducted a significant layoff.[8] According to ex-employees' accounts, possibly up to 80% of the staff were let go; leadership may have been unaware of the impending layoff until two weeks prior to the restructuring, as, three weeks prior, the company had spent heavily on a leadership offsite.[9] In October 2025, the South Carolina factory was shut down completely, having been active for two years.[10]
South Carolinian employees stated that MycoWorks' executives and certain board members, including Scullin, Wang, Ross, and Lahoti, deliberately concealed the failing financial situation of the company from employees, stakeholders, and investors, for up to six months prior to the closure, and, additionally, did not address unsustainable unnecessary expenses. Following the closure, an initial strategy proposed by MycoWorks C-suite executives was to pursue a merger with competitor Ecovative. This did not come to fruition. From 2023-2025, MycoWorks was named in lawsuits involving labor laws, tax liens, mechanics liens, and self-dealing.
The company entered into insolvency in late October 2025 and chose liquidation via an Assignment for the Benefit of Creditor (ABC) process, in which company assets were first assigned to a newly created company, MycoWorks Liquidation, LLC, and then auctioned off to pay creditors. IP assets were accquired by Daniel Frydenlund of Stage Fund, a Denver-based private equity fund specializing in distressed assets, which formed a new company, MycoWorks Denver, LLC. All other assets remain unassigned, and MycoWorks, Inc has ceased to exist.
Technology
Fine Mycelium is a patented technology by MycoWorks that attempts to influence cellular structures for increased strength and durability. The company used the term to refer to both their process and the resulting materials intended for the fashion, footwear, automotive, and decor industries. As of October 2025, MycoWorks' production of Reishi™ with Fine Mycelium technology has ended.
Products
Reishi™ was the first commercially available product from MycoWorks, followed by Reishi Doux, Reishi Natural, and Reishi Pebble in 2023.[11] The product was used in a number of luxury retail items such as handbags [12] and hats.[13] Commercial-scale manufacturing began in October 2023 at a plant in Union, South Carolina.[14] In October 2025, the South Carolina factory was shut down completely, having been active for two years.[15] In November 2025, MycoWorks' Emeryville location, with pilot plant and company headquarters, was also permanently shut down.
Comparable
- Bolt Threads – producer of Mylo™
- Open Fung
See also
- Ecovative Design – American construction materials manufacturer
References
- ^ "MycoWorks Raises $45M in Series B Financing". MycoWorks. 2020-11-17. Retrieved 2021-02-17.
- ^ "Lampoon Magazine | MycoWorks' Fine Mycelium – A scientific story through the lens of art". Retrieved 2021-02-17.
- ^ "The Fungi In Your Future". Science Friday.
- ^ "MycoWorks closes $45m Series B; John Legend, Natalie Portman invest". AgFunderNews. 2020-11-17. Retrieved 2021-02-17.
- ^ https://www.gray.com/insights/gray-mycoworks-celebrate-ribbon-cutting-of-worlds-first-full-scale-fine-mycelium-production-facility/
- ^ https://www.sccommerce.com/news/mycoworks-establishing-operations-union-county
- ^ https://www.bloomberg.com/news/articles/2025-07-08/celebrity-backed-mushroom-leather-startup-tests-muni-risk-level
- ^ https://www.linkedin.com/posts/kelli-wilsonau_i-was-saddened-to-learn-yesterday-that-several-activity-7359663195575275524-1etV#:~:text=According%20to%20a%20post%20by%20Kelli%20Wilson%2C,at%20Beyond%20Meat%20and%20was%20hyper%20growth.
- ^ https://www.glassdoor.com/Overview/Working-at-MycoWorks-EI_IE2525390.11,20.htm
- ^ https://www.cultivated-strategy.com/cultivated-strategy-blog/the-300m-lesson-how-bio-material-brands-must-rethink-ingredient-branding
- ^ MycoWorks. "MycoWorks Celebrates Ten-Year Anniversary with New Reishi Products and a Performance Breakthrough". www.prnewswire.com (Press release). Retrieved 3 October 2023.
- ^ "Allen St. Made With Reishi". Allen St.
- ^ "Mycelium Bucket Hat". Nick Fouquet.
- ^ MycoWorks. "Biotech Company MycoWorks Begins Production at the World's First Commercial-Scale Fine Mycelium Plant in Union, South Carolina". www.prnewswire.com (Press release). Retrieved 3 October 2023.
- ^ https://www.cultivated-strategy.com/cultivated-strategy-blog/the-300m-lesson-how-bio-material-brands-must-rethink-ingredient-branding