October 2, 2026
What does M-Based do, the startup that raised $700K in funding?
- Investment: $700K
- Round: Seed
- Investors: METU 70th Anniversary Venture Capital Investment Fund, Elemental Ventures, Hatcher+
- Founders: Görkem Gökoğlu
- Website: m-based.com
What does M-Based do?
It operates out of METU TECHNOPOLIS in Ankara.
Its co-founder and CEO is Görkem Gökoğlu.
It uses mushrooms to develop alternative materials that can replace traditional ones across various industries.
Its first product, FOMES, is a mushroom-based vegan leather alternative developed for the fashion and textile industry.
FOMES is targeted to expand beyond fashion and textiles into sectors like automotive and furniture in the future.
The company's current scale
In 2024, it raised investment from Hatcher+, Sente Ventures, and Fark Labs.
The startup was named among the 50 ventures to take the stage at the Big Bang Startup Challenge 2025.
The investment round
M-Based raised $700K in a seed round from the METU 70th Anniversary Venture Capital Investment Fund and 2 other investors.
Where is M-Based headed?
- Mushroom-based material technologies
- Görkem Gökoğlu
- Mushroom-based vegan leather alternative
- Developed for fashion and textiles
- Scaling FOMES to industrial levels
- Growing in international markets
Startup Doctor's take
In this round, the first thing to look at isn't the amount, but who led the round. A university technopolis's own fund made its inaugural investment in a venture born right out of its own ecosystem. People in Turkey have long talked about capital originating from universities and finding business within the same campus; here is a tangible example of that.
Second is how the company positions itself. The goal isn't just to "sell vegan leather"; it's to make mushroom-based materials the new standard across industries. The difference between the two is the difference between a product and a platform—and that distinction is the most effective pitch point when talking to investors.
The most common founder mistake is mistaking the first product for the definition of the company. If you lock yourself into a single product, your market size remains limited to that product. Here, the first product launched for fashion, but the same material extends into automotive and furniture; meaning the narrative isn't trapped in a single sector.
Open up your own pitch deck and look at the first page: does it describe a product, or the space that product opens up? If the latter isn't there, write a paragraph about it today.
Source: webrazzi — M-Based, developing mushroom-based alternative materials, raised approximately $700K in funding
Frequently asked questions
Who is the founder of M-Based?
The co-founder and CEO of the company is Görkem Gökoğlu. Gökoğlu states that they are not just focused on developing a single material, but rather transforming the potential of mushrooms into alternative material technologies that meet the needs of various industries.
What does M-Based do?
It is a biotechnology startup operating out of METU TECHNOPOLIS in Ankara. It uses mushrooms to develop alternative materials that can replace traditional ones across different industries.
What is FOMES?
M-Based's first product. It is positioned as a mushroom-based vegan leather alternative specifically developed for the fashion and textile industry. The company aims for the product to be used in sectors like automotive and furniture in the future.
Which investors participated in M-Based's round?
The seed round was led by the METU 70th Anniversary Venture Capital Investment Fund, managed by Maxis Venture Capital Portfolio Management; this marks the fund's first investment. Elemental Ventures also participated, while existing investor Hatcher+ followed on with a reinvestment.
Has M-Based raised investment before?
Yes. The company previously raised funding in 2024 from Hatcher+, Sente Ventures, and Fark Labs. Their pre-seed round that same year saw participation from Ahu Serter, Sente Ventures, and Hatcher+.
What will M-Based use the investment for?
They plan to scale FOMES to industrial-grade production, accelerate the product's commercialization process, and support its growth in international markets.
Want to raise funding yourself?
I cover everything you need to know before stepping in front of investors in the free training.
Ready to take your startup up a level?
See the Ebook ($6)