How MycoFutures quickly moved from prototype to product

Founder Stephanie Lipp had a product that could rival leather without the cows, the cost or the environmental casualties. Here’s how MaRS helped her bring it to market.

It was a fortuitous pivot. MycoFutures CEO Stephanie Lipp and her partner Leo Gillis discovered the fibrous root system of the strain of fungi they were growing was virtually indestructible. When they saw how soft, strong and pliable the mycelium material was, they quickly pivoted their gourmet mushroom company into a textile startup and began to develop a sustainable alternative to leather.

“Every step in the supply chain of leather involves something that’s bad for people and the planet. It causes so much waste and pollution,” says Lipp. “We realized we had a strain of fungi with special properties, and we decided to pursue it. That’s taken us down a rabbit hole of the most extraordinary experiences.”

In November 2021, MycoFutures won a pitch competition and, with it, some confidence. “That’s really where it started,” says Lipp. But to grow the company, they faced an uphill battle, says Leah Perry, the cleantech capital lead at MaRS. “It’s not an easy time to scale an alternative material, hard-tech climate company. But throughout the two years, Stephanie’s passion about the business’s potential impact has really helped her.”

Finding expert guidance

Lipp and Gillis had only one small sample of their product and a long list of needs. They needed proper lab space, a go-to-market strategy and the capital to make it all happen. “We needed help with fundraising, pitching, marketing — literally everything. That was what drew us to the RBC Women in Cleantech (WIC) Accelerator — it’s a program that caters specifically to what we needed,” says Lipp.

Making connections

In September 2022, Lipp joined the 10-person cohort for a two-year program designed to help women-identifying and non-binary entrepreneurs bridge the gap between breakthrough idea and market-ready product. The intensive WIC accelerator involved regular coaching with MaRS advisors, networking and targeted workshops with deep dives on public relations, raising capital, sales strategy and manufacturing.

At the WIC finale event in September 2024, Lipp decided there was something else that would really help her: an introduction to the event’s opening speaker, Katherine Homuth, founder of Montreal-based SRTX, best known for its rip-resistant Sheertex tights. Providing introductions is a key component of the MaRS accelerator and Perry was happy to connect them.

Securing its first customer

Lipp met Homuth for coffee, hoping to come away with some insights into how to grow a textile startup in Canada; instead, she walked out with a $100,000 in prepaid purchase orders, use of a manufacturing facility and a commitment from SRTX to brand and launch MycoFuture’s first product.

“Stephanie is one of those founders who just makes things happen,” says Homuth, who left SRTX this spring to launch Oomira, a software venture. “She’s resourceful, incredibly focused, and has a deep understanding of both science and business.”

Gaining market traction

The next day, Lipp and Gillis were on a plane to Montreal, and by early January, they had moved their home (and all their mycelium spores, equipment and bins) to establish the company’s vertically-integrated production facility.

Its first product — a travel pouch — is available for sale on the Sheertex site as part of a limited-edition 3,000-unit run; the first shipment was sent out this spring.

“They’ve accomplished so much in just a couple of years,” says Perry. “To be able to go from just a sample to having a full manufacturing plant and product in people’s hands — that is so gratifying to see.”

Scaling up production

Having space to grow has made all the difference. The company has started to harvest its first square metre pieces and is undergoing a technical evaluation with a specialist contract manufacturer to scale production. “We’re now able to fast forward,” says Lipp.

MycoFutures

Founded: 2019
Sector: Cleantech
Services: MaRS RBC Women in Cleantech Accelerator

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