Bristol-based Mykor has raised £4M led by Clean Growth Fund and The FSE Group to scale a fungi-grown structural insulation panel that delivers 60% less embodied carbon than conventional alternatives, bringing total funding to £7.5M.
The female-founded startup has already secured £337M in commercial agreements with UK and European contractors, and is establishing a joint-venture production facility in Belgium ahead of commercial launch.
Buildings account for approximately 39% of global carbon emissions, 11% from materials, 28% from operational energy, putting construction materials at the centre of Europe’s net zero regulatory agenda.
Construction has a materials problem that no one wants to talk about. Concrete and petrochemical insulation dominate every building site in Europe, regulators are tightening embodied carbon rules faster than the industry can respond, and the sustainable alternatives that do exist largely fail on fire safety, cost, or the ability to manufacture at scale. Two architects decided fungi could solve all three at once.
Mykor, the Bristol-headquartered biotech founded in 2021 by Olivia Page and Valentina Dipietro (Forbes 30 Under 30 and UN Young Champion of the Earth) has raised £4M in a round co-led by Clean Growth Fund and The FSE Group, with participation from returning investor Green Angel Ventures and grant support from Innovate UK. The raise brings total funding to £7.5M, following a £2M seed round led by Green Angel Ventures and Sustainable Ventures. The company employs 22 people across its Bristol R&D base and its pilot manufacturing facility in Montemor-o-Novo, Portugal.
