South Carolina MycoWorks

Hampton Roads Ventures (HRV) partnered with other community development entities to support MycoWorks, a pioneering biotechnology company, in constructing its first large-scale production facility in Union, South Carolina. Using $30.5 million in New Markets Tax Credit (NMTC) financing as part of a $146.5 million project, MycoWorks is equipping a 130,000 sq. ft. facility to manufacture its sustainable leather alternative made from mushroom mycelium. This innovative product boasts a 91% reduction in carbon emissions compared to traditional leather, addressing significant environmental challenges while meeting growing client demand.

The project will create 354 permanent, high-quality jobs and 250 construction jobs in Union, a rural area with a poverty rate of 26.6% and a median income at just 65% of the area median. By paying all employees above the MIT Living Wage, MycoWorks is not only advancing sustainability but also uplifting the local community through economic empowerment. As an early-stage company that lacked access to traditional financing, NMTC funding was critical for MycoWorks to scale its operations, reach sustainable cash flow, and continue innovating in environmentally friendly textiles.

HRV’s involvement underscores its mission to drive impactful investments in underserved communities. By enabling MycoWorks to expand in Union, SC, HRV has contributed to a project that combines economic development, job creation, and environmental sustainability. This collaboration demonstrates the power of innovative funding mechanisms like NMTCs in advancing cutting-edge solutions that benefit both people and the planet.