Having enough food is something we take for granted in developed countries. However, experts have been warning us for years that the food production industry is facing a rapidly approaching crisis. With the global population expected to exceed ten billion by 2050, climate change, resource scarcity [land, energy, and water], and unsustainable practices, we are running out of time to find new ways to keep everyone well nourished. Thankfully, finding solutions to these problems is a potentially lucrative endeavour. Just in the UK, between 2020 and 2021, the number of startups focussing on new food and drink production, increased by 47% to nearly six thousand.
One popular area of interest is mycelium technology. In other words, tapping into the unrealised potential uses for mushrooms and fungi. Meat alternatives and other food products resulting from this industry are rapidly gaining momentum among those who want to reduce their consumption of animal products or remove them from their diet completely.
Now Infinite Roots, formerly known as Mushlabs, a leading German biotech company, has successfully concluded a groundbreaking $58 million Series B funding round. The investment marks a significant milestone for mycelium technologies in Europe, making it the largest funding round in this domain.
Mycelium technology in focus
Infinite Roots specialises in mycelium technology, which has a growing influence in the food industry. The company’s patented technologies harness edible mushroom mycelium to create diverse and versatile food products. This latest investment attests to the growing importance of mycelium in the global food system.
The Series B round was not only oversubscribed but also garnered support from industry giants, overcoming challenges in fundraising environments. Dr Hans Riegel Holding, a key holding company of the renowned confectionery group Haribo, led the funding round, with support from the EIC Fund, REWE Group [a leading trade and tourism group in Germany and Europe], and Betagro Ventures [the innovation unit of Thailand’s Betagro Group], joined as key contributors. Existing investors, including Clay Capital, FoodLabs, Redalpine, Simon Capital, and Happiness Capital, also participated.
Plans use for latest funding
With this substantial funding, Infinite Roots enters a new phase of commercial growth. Currently with a diverse team of sixty-seven from twenty-five countries, the company plans to expand production capacities and invest in global launch activities. The overarching goal is to play a pivotal role in transforming the global food system, leveraging the versatility of mycelium applications.
A vision for sustainable and healthy foods
Dr Mazen Rizk, Founder and CEO of Infinite Roots, started the company with the goal of cultivating food in a way that sustains the planet and addresses the needs of its expanding population. He expressed excitement about the collaboration with industry champions and the potential to redefine the landscape of sustainable and healthy foods. The company aims to lead a monumental shift toward a more sustainable and healthy food system.
“Rethinking food production and consumption has never been more pressing and requires our collective efforts. We are thrilled to join forces with industry champions to establish the next generation of tasty, healthy, and sustainable foods. We are in a unique position to define a new era of mushroom mycelium-based products. With Infinite Roots’ technology and products, we aspire to lead the monumental shift to a more sustainable and healthy food system.”
Industry perspectives
Dr Reinhard Schneider, Managing Director from Dr Hans Riegel Holding GmbH, highlighted the potential of Infinite Roots’ mycelium technology in contributing to a sustainable food supply.
Svetoslava Georgieva, Chair of the EIC Fund Board, also commented, “We are looking forward to the exciting road ahead with the Infinite Roots team. It is high time for consumers to be able to reconcile their appetite for good food and their willingness to act for the planet and for their health.”
Pioneering mycelium fermentation technology
Infinite Roots, known for pioneering innovations in mycelium technology, positions itself at the forefront of mycelium-based nutrition development. The patented mycelium fermentation technology allows the creation of a third category in food classification, distinct from plant-based and cultured meat products.
Mycelium fermentation technology emerges as a megatrend alongside plant-based and cultured meat in the food industry. Infinite Roots’ mycelium-based products, neither plant nor animal, respond to the rising global demand for healthy dietary alternatives. The successful funding round underscores the company’s immense potential and its ability to attract strong partnerships.
