M-Based has completed a seed funding round of approximately $700,000, marking an important step in the company’s journey to develop scalable, mushroom-based alternative material technologies.
October 1, 2026 · Ankara, Türkiye
M-Based has completed a seed funding round of approximately $700,000, marking an important step in the company’s journey to develop scalable, mushroom-based alternative material technologies.
The round was led by the ODTÜ 70th Anniversary Venture Capital Investment Fund, managed by Maxis Venture Capital Portfolio Management Inc., marking the fund’s first-ever investment. Elemental Ventures also participated in the round, alongside the continued support of our existing investor Hatcher+ through a follow-on investment.
Based in Ankara, M-Based develops alternative material technologies using mushroom, with the goal of creating more sustainable alternatives to conventional materials and, over time, establishing them as new standards across different industries.
FOMES: From Material Innovation to Industrial Scale
M-Based’s first product, FOMES, is a mushroom-based vegan leather alternative developed for the leather industry. Initially focused on fashion and textiles, FOMES is being developed with applications across other leather-intensive industries, including automotive and furniture.
Following its pre-seed funding round in 2024, which included Ahu Serter, Sente Ventures, and Hatcher+, M-Based focused on product and technology development. With this new investment, the company is now entering its next phase of growth, with a focus on scaling FOMES toward industrial production, accelerating commercialization, and expanding into international markets.
“We did not set out simply to develop a single material. We want to transform the potential of mushrooms into alternative material technologies that can address the needs of different industries. Our goal is to make today’s alternative materials into tomorrow’s industry standards. FOMES is the first step of this journey in the leather industry.”
— Görkem Gökoğlu, Co-Founder & CEO, M-Based
What’s Next
In this new phase, M-Based will focus on strengthening its production infrastructure, growing its team, and expanding its commercial activities internationally.
Beyond FOMES, the company is also working toward a broader portfolio of alternative material technologies that leverage the diverse properties of mushrooms and address the needs of different industries.
This is the next step in M-Based’s mission to turn the potential of mushroom into the materials of tomorrow.