Global plastic waste has more than doubled and 40% of this waste comes from packaging. Fortunately, there is no shortage of sustainable packaging startups in Europe. Take a look: Circleback (Germany), Recup (Germany), Sourceful (UK), one•five (Germany), Shellworks (UK), Woola (Estonia), Papkot (France), Biotic ( Israel), FunCell (France) and Traceless (Germany).
The latest to join the ranks is Magical Mushroom Company (MMC). He has now raised a £3m seed round led by Ecovative Design LLC with participation from Dale Vince, founder of Ecotricity (a green energy company in the UK); Robert Del Naja (activist); and Marcus Watson, co-founder of Adoreum Partners, who brought in 30 other investors.
The investment will be used to finance the opening of its first raw materials production plant.
MMC’s solution directly replaces plastic-based packaging such as polystyrene and cardboard. It does this by combining agricultural waste with mycelium – the root structure of a fungus. The result, the company claims, is biodegradable (in 45 days), durable and comparable in price to traditional fossil fuel-derived packaging like polystyrene.
Launched in 2019, MMC’s customers include Raymarine, BA Components, Castrads, Ffern, Selfridges, Lush, Seedlip and ID Watch, among others.
Paul Gilligan, CEO and Founder of Magical Mushroom Company, said in a statement: “We only have eight years to achieve the United Nations Sustainable Development Goals and businesses have a crucial role to play – but they need to viable and cost-effective solutions that significantly reduce the carbon footprint across their entire supply chain.We pride ourselves on creating value from waste and unlocking the potential of mycelium.