Ecovative Design: Funding, Investors & Team (Sep 2026)

Eben Bayer and Gavin McIntyre are fascinated by mushrooms growing on wood chips and observing how the fungal mycelium strongly bonds the wood chips together. This inspired them to think of new ways of using mycelium as a resin. In a class at Rensselaer called Inventor's Studio, they applied this new process for binding together insulating particles, creating Greensulate. Rather than just decreasing the environmental impact of conventional polystyrene foams, this invention creates a whole new paradigm where composite materials are literally grown, harnessing the incredible efficiency of nature. Shortly after founding the company, they won small grants from the American Society of Mechanical Engineers (ASME) and the National Collegiate Inventors and Innovators Alliance (NCIIA). This funding was used to create initial samples of the material. This proof of concept enabled the company to win bigger grants from the New York State Energy Research and Development Authority (NYSERDA) and the Environmental Protection Agency (EPA) to further develop the products. Since then, Ecovative has won many more awards and grants that have enabled the company to continue to grow and accelerate the production of these revolutionary eco-friendly materials. At Ecovative, they are passionate about sustainability. That is why they are working with nature to replace unsustainable plastics and foams with natural composites. Using innovative new materials and radical new technologies, their products perform at least as well as current state-of-the-art synthetics, but at a lower cost to both you and the environment.

Ecovative Design has raised $30.0M across 1 round on record. The most recent is a Series E of $30.0M announced in Jun 2023.

Ecovative Design's most recent funding round on record is a Series E of $30.0M, announced in Jun 2023.

FundedIQ lists Eben Bayer (Founder) at Ecovative Design.

Ecovative Design is based in Albany, New York, United States.

Ecovative Design is in the 101-250 employee band.

Ecovative Design's latest round of $30.0M is above the $8.0M median round size for Biotechnology companies on FundedIQ across 4,179 tracked companies over the last two years.