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SK Networks invests US$20 mln in U.S. vegan leather maker

All News 10:05 January 14, 2022

SEOUL, Jan. 14 (Yonhap) -- SK Networks Co., the general trading arm of South Korean conglomerate SK Group, said Friday it has invested US$20 million in a U.S. biotech startup specializing in making alternative leather.

SK Networks took part in a round of $126 million funding for MycoWorks, a Silicon Valley-based biomaterials company, and it is the largest amount among the strategic investors, SK said in a press release.

MycoWorks owns technologies that produce leather-like fabric from engineered mycelium, a biomaterial made out of mushrooms. The company has also partnered up with a handful of major global luxury brands.

The two companies also signed a separate contract to cooperate on the development of new materials, production expansion and building a sales network.

Bio business is one of SK's four core areas it has been expanding as its future growth drivers, including biopharmaceuticals and biodegradable materials.

Lee Ho-jeong, SK Networks Co.'s chief of new business portfolio, poses for a photo with Matthew Scullin, CEO of MycoWorks, during a virtual signing ceremony on its US$20 million investment in the U.S. biotech startup, in this photo provided by SK Networks on Jan. 14, 2022. (PHOTO NOT FOR SALE) (Yonhap)

elly@yna.co.kr
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