Ecovative Design raises $4M and rings NASDAQ closing bell
Kicking off 2016 with a $4 million investment round from existing investors, ringing the NASDAQ closing bell with SBA Administrator Contreras-Sweet, and with plans for a larger funding round in the “tens of millions” that will be open to new investors, Ecovative Design is a company worth watching in 2016. In Contreras-Sweet’s speech on the state of entrepreneurship in the U.S., she cites Ecovative as one of the SBA’s investment success stories. Ecovative won the SBA’s Tibbetts Award in 2013, an honor for high-tech small businesses, raised over $20 million since its founding in 2007 and opened a new 20,000 square foot manufacturing plant in Troy, NY.
Ecovative Designs is a biomaterials startup in our USDA Phase I & Phase II Commercialization Acceleration and Training Programs (CATP) working to replace styrofoam, plastic, and plywood products with more eco-friendly alternatives.
The company combines agricultural waste products, such as corn stalks and leaves, with a mushroom material called mycelium, a natural glue and substitute for formaldehyde – a known carcinogen, to produce bio-based products.
“We’re solving a real problem,” said Eben Bayer, founder of Ecovative. “There are these relatively toxic glues that have been used for a long time and Mycelium offers a good solution to this problem.”
Bayer said the company is discussing partnerships with larger scale mills around the country to make the switch from formaldehyde to mycelium.
Congratulations on the strong start to 2016 Ecovative! We are big fans of your product and mission.
Larta CAPs Ecovative has participated: NSF 2010A, NSF 2011A, USDA CAP1 2014-2015, USDA CATP 2015-2016