The latest to join the ranks of European sustainable packaging startups in Europe is Magical Mushroom Company (MMC). It has raised a £3 million seed round led by Ecovative Design LLC. The investment will be used to fund the opening of its first raw material production plant.
MMC’s solution is a direct replacement for plastic-based packaging such as polystyrene and cardboard. It does this by combining agricultural waste with mycelium — the root structure of a mushroom. The result, claims the company, is biodegradable (in 45 days), durable and comparable in price to traditional packaging derived from fossil fuels like polystyrene.
Paul Gilligan, CEO and founder at Magical Mushroom Company, said in a statement: “We have just eight years to meet the UN’s Sustainable Development Goals and businesses have a crucial role to play – but they need viable and cost-effective solutions that significantly reduce the carbon footprint across their entire supply chain. We’re proud to be creating value from waste and unlocking the potential of mycelium.”
Source: techcrunch.com
Photo source: Magical Mushroom Company