MycoWorks, a biomaterials company specializing in mycelium-based alternatives to leather, has been acquired by DFX Corp in a deal aimed at restructuring and scaling the business.
The acquisition brings veteran buyout expert Daniel Frydenlund into a leadership role. Frydenlund previously held positions at Gores Group, Centennial Funds, Stage Fund, and Sturm Group. DFX Corp will oversee strategic restructuring as MycoWorks transitions into its next phase of development.
MycoWorks has developed Fine Mycelium technology, marketed under the brand name Reishi. The material is grown from mycelium, the root structure of mushrooms, and is designed as a sustainable alternative to animal leather and synthetic materials. The company has attracted attention from luxury brands exploring sustainable material options.
The acquisition follows years of research and commercialization efforts. MycoWorks was valued as a $300 million brand prior to the transaction, though specific financial terms were not disclosed.
Under the new structure, Maud Ohler will lead technology development and commercialization efforts, expanding from her previous role as Senior Vice President of Technology. Co-founders Philip Ross and Sophia Wang will continue to provide guidance during the transition.
The company stated its priorities include building operational stability, expanding partnerships, and advancing the performance and versatility of its Reishi material. MycoWorks emphasized continued focus on quality and craftsmanship in material development.
Biomaterials companies have faced challenges scaling production while maintaining cost competitiveness with conventional materials. The restructuring under DFX Corp suggests a shift toward financial sustainability alongside technological development.
MycoWorks indicated the acquisition represents both continuity in its mission and adaptation in its business approach as the sustainable materials sector evolves.
The post MycoWorks acquired by DFX Corp in strategic restructuring move appeared first on World Bio Market Insights.
- Source: https://worldbiomarketinsights.com/mycoworks-acquired-by-dfx-corp-in-strategic-restructuring-move/
