German biotech firm Infinite Roots, formerly known as Mushlabs, has successfully closed a €53 million Series B funding round. This represents the largest investment in mycelium technologies in Europe thus far, highlighting the increasing relevance of mycelium in the global food system.
The funding round was led by Dr. Hans Riegel Holding (HRH), one of Haribo's holding companies, with additional support from the EIC Fund, an initiative of the European Commission. Other participants included REWE Group, Betagro Ventures, Clay Capital, FoodLabs, Redalpine, Simon Capital and Happiness Capital.
Infinite Roots plans to utilize the funding to expand its production capacities and invest in global launch activities. The company aims to play a pivotal role in transforming the global food system with the versatile applications of mycelium.
Infinite Roots’ mycelium technology is anticipated to significantly contribute to a sustainable food supply. The company is known for its innovative work in mycelium technology and is a pioneer in developing mushroom mycelium-based nutrition. The successful funding round underscores Infinite Roots’ enormous potential and ability to attract strong partners.
Mycelium fermentation technology is emerging as a significant game-changer in the food industry, ranking as a megatrend in the sector alongside plant-based and cultured meat. Infinite Roots’ products create a third category in food classification, as mushroom-based products are neither plant nor animal. The company meets the rising global demand for healthy dietary alternatives with a sustainable, healthy range of food with diverse applications.
Source: eu-startups.com