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SK Networks invests $20m in US vegan leather maker

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 $20 million investment in the US biotech startup, in this photo provided by SK Networks on Friday. (SK Networks)
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 $20 million investment in the US biotech startup, in this photo provided by SK Networks on Friday. (SK Networks)
SK Networks Co., the general trading arm of South Korean conglomerate SK Group, said Friday it has invested $20 million in a US 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 Hermes and a number of other 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. (Yonhap)

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