In a groundbreaking move, Kering, the esteemed French luxury group, joins forces with Sqim, the pioneering Italian start-up (also known as Mogu) specializing in cutting-edge bio-produced materials. Kering Ventures, the venture-capital arm, leads the charge in Sqim’s substantial funding round, totaling €11 million. This strategic investment includes major players such as CDP Venture Capital, the European Circular Bioeconomy Fund (ECBF VC), and Progress Tech Transfer.
Sqim, lauded for its mycelium-based materials derived from mushroom roots, secures backing from a consortium spearheaded by CDP Venture Capital and ECBF VC, with notable support from Kering Ventures and existing shareholder Progress Tech Transfer. While the specifics of Kering’s investment remain undisclosed, stakeholders gain equity stakes in Sqim.
Earning the coveted Innovation Prize at the 2023 ANDAM competition, Sqim, founded in 2015 near Milan, explores mycelium-related technologies under the leadership of Maurizio Montalti and Stefano Babbini. The company focuses on environmentally friendly materials, significantly reducing water consumption, energy use, land use, and CO2 emissions compared to traditional manufacturing.
Originally recognized for Mogu, specializing in acoustic panels for interior architecture, Sqim expands its horizons with «ephea,» a mycelium-based family of materials tailored for the fashion industry. Ephea made its debut in 2022 with a hooded, leather-effect maxi coat exclusively designed for Balenciaga, a Kering-owned label.
The funding infusion positions Sqim to advance its technology platform, expedite industrial scaling of new materials, intensify R&D, and strengthen its team. The impending official name change from Mogu Srl to Sqim marks a pivotal moment for the company.
Marie-Claire Daveu, Chief Sustainability and Institutional Affairs Officer at Kering, expresses optimism, stating, «Sqim’s innovative alternative enhances our range of high-quality materials. Beyond our in-house labs, Kering is committed to building an external ecosystem, fostering widespread adoption of these groundbreaking innovations.»
Embrace the future of sustainable luxury with Kering and Sqim, at the forefront of eco-conscious innovation in materials and fashion.
