Mogu announced raising €1.1 million in a round led by Progress Tech Transfer and including Riso Gallo.
Mogu, a Varese (Inarzo), Italy-based producer of product design and interior architecture biomaterials, announced completing a €1.1 million ($1.3M) capital funding round.
The money was raised from investors led by Luxembourg-based Progress Tech Transfer and including Riso Gallo. Proceeds will allow the company to expand its commercial offering in the design market, and to further strengthen its R&D division.
Mogu, founded in 2015 by CEO Stefano Babbini, is a manufacturer of biomaterials used in the product design and interior architecture segments. The company uses residual organic materials from other industrial processes and value chains and transforms them into feasible products with high added value. By combining technological innovation and design, Mogu has developed composite materials that are pleasant to the touch, flexible, light, impact-resistant, to be utilised in green architecture, in the design sector, as well as in numerous other applications, as studied and researched by the team.
In 2019, Mogu entered the design market with two main products’ lines: sound-absorbing, acoustic panels (Mogu Acoustic) and resilient flooring (Mogu Floor).