Mushroom Material secures seed funding to produce fungi-based styrofoam alternative
Mushroom Material, a startup focused on replacing styrofoam with pelletized fungi packaging, has secured over USD 5 million in seed funding. The round was jointly led by Wavemaker Partners and Seeds Capital (SG Growth Capital), with participation from Icehouse Ventures, K1W1, and Black Kite Capital.
Founded in 2020, Mushroom Material aims to provide a sustainable and scalable alternative to single-use synthetic styrofoam. The company has developed a unique process to grow fungi-based pellets, which are then coated in a binding agent before being shaped into customized packaging solutions.
Mushroom Material’s packaging solution is said to not only be compostable but also offers excellent shock absorption, low density, and natural water resistance. It promotes a circular economy by being producible from various organic materials, including food waste, cardboard, and agricultural waste such as hemp, straw, and wood chips.
The investment will be used to establish a 1,300-square meter pilot plant in Auckland’s Mount Roskill, New Zealand. Mushroom Material plans to start delivering orders to existing customers in 2025 to meet demand for eco-friendly packaging.
“The startup has developed a unique technology that integrates with existing styrofoam production lines, reducing costs and increasing efficiency. The significant market opportunity and strong regulatory demand for sustainable alternatives position Mushroom Material for substantial growth,” said Andy Hwang, general partner at Wavemaker Partners.
UnaBiz closes first round of pre-Series C funding
UnaBiz, an internet-of-things service provider and integrator, has announced the first close of its USD 25 million pre-Series C funding round. The round was co-led by KDDI Open Innovation Fund 3 and Kyocera Communication Systems (KCCS).
Following UnaBiz’s acquisition and integration of Sigfox 0G Technology, the company said it is now operating with a healthy profit and loss statement thanks to continued revenue growth and streamlined operations. UnaBiz claimed it has added 4 million new devices to the global 0G Network over the past two years, making it the largest unlicensed low-power wide-area network (LPWAN) globally.
The fresh funds will support UnaBiz’s strategies to grow its security industry presence, deepen logistics and supply chain market penetration, and expand its utilities segment with hybrid tech solutions.
Evo Commerce reportedly bags USD 2.1 million
Evo Commerce, a Singapore-based e-commerce brand aggregator, is said to have raised USD 2.1 million in a funding round led by IJK Capital Partners, according to DealStreetAsia.
The company has been attracting significant investor interest over the past two years, securing funds across several rounds. In September 2023, Evo Commerce secured USD 2.8 million through a mix of equity and debt financing, with IJK Capital Partners leading that round as well. The round also saw participation from Quek Siu Rui (Carousell), Joel Neoh (Fave), and Tipsy Collective. Earlier in 2023, Evo raised USD 2 million in pre-Series A funding from GSR Ventures, 33 Capital, East Ventures, and other investors.
More recently, in March, First Move announced that Evo Commerce was among seven companies to join its portfolio in 2023, following its investment. While the fund did not disclose the specific amount invested or whether it was part of any of Evo’s disclosed rounds, it is noted that First Move typically invests around USD 100,000 per company.
Aprisium, Abnormal Security, GrowSari, and more led yesterday’s headlines:
- Aprisium, a Singapore-based company specializing in advanced contaminant detection and monitoring solutions, completed its oversubscribed USD 7 million Series A funding round. The round was jointly led by Deep-Tech Venture Partners (DTVP) and Cocoon Capital, with significant participation from Woh Hup and Solisa Peppercorn.
- Abnormal Security, a cybersecurity vendor focused on countering exploitation of human vulnerabilities, closed its Series D funding round, raising USD 250 million at a valuation of USD 5.1 billion. The round was led by Wellington Management, with participation from existing investors Greylock Partners, Menlo Ventures, Insight Partners, and CrowdStrike Falcon Fund.
- GrowSari, a tech startup helping Philippine sarisari stores to digitally transform their operations, received a USD 5 million investment from Oppenheimer Generations Asia.
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