Ankara-based biotechnology startup M-Based, which develops mushroom-based alternative materials, has raised nearly $700,000 in a seed funding round to scale the industrial production and commercialisation of its flagship material, FOMES.
The round was led by ODTÜ 70. Yıl Venture Capital Investment Fund, managed by Maxis Venture Capital Portfolio Management, marking the fund’s first investment. Elemental Ventures also participated in the round, while existing investor Hatcher+ returned with a follow-on investment.
Founded in Ankara, M-Based develops alternative material technologies using fungi, with the ambition of creating more sustainable alternatives to conventional materials and establishing its products as new standards across different industries.
The startup’s first product, FOMES, is a mushroom-based vegan material developed as an alternative to leather. Initially targeting the fashion and textile industries, M-Based plans to expand the material’s applications into sectors including automotive and furniture.
The new capital will primarily be used to move FOMES toward industrial-scale production and accelerate its commercialisation.
M-Based previously completed a pre-seed round in 2024 with participation from Hatcher+, Sente Ventures and Fark Labs, after which the company focused on further developing its product and underlying technology.
With its latest funding, M-Based is now moving from product development toward larger-scale manufacturing, aiming to bring its mushroom-based material technology to broader commercial markets.
