Mykor Secures a £825k Pre-Seed Funding Round

Bristol and Lisbon-based climate tech start-up Mykor has secured £825k in a pre-seed funding round, co-led by Sustainable Ventures and Green Angel Syndicate. The investment will allow Mykor to expedite its expansion plans for its carbon-negative insulation, MykoFoam, and drive the transition to low-carbon buildings.

The construction industry is responsible for 11% of worldwide carbon emissions, and Mykor aims to decarbonize this industry by developing carbon-negative materials. MykoFoam, the company's proprietary thermal and acoustic insulation, feels and performs like foam but is completely renewable, unlike polystyrene. Utilising fungi network technologies, MykoFoam diverts cellulosic waste by-products from the paper industry from being incinerated and uses 90% less water, 40% less energy, and 60% less CO2 than traditional competitors.

Mykor has already won several grants totalling £470,000 from Innovate UK and the EU, which funded the early stages of research and development. This new funding will help the company build its pilot manufacturing line to launch and certify MykoFoam in the UK and Portuguese markets. It will also allow Mykor to expand its team in Portugal and test concepts for upcoming projects.

"We're delighted to have secured this pre-seed funding round, which will allow us to accelerate our expansion plans and bring MykoFoam to market," said Valentina Dipietro, co-founder of Mykor. "Our mission is to decarbonize the construction industry and make sustainable housing a reality, and we're excited to take this important step towards achieving that goal."

Mykor's successful funding round is another step towards achieving the company's mission of creating a more sustainable future. With innovative products like MykoFoam, the company is leading the way towards a carbon-negative future for the construction industry.