Cultivated, Cell-Cultured & Biotechnology

70/30 Food Tech to Launch Mycelium Research Lab to Create Affordable Proteins for Asia

Shanghai-based 70/30 Food Tech, a 100% plant-based ready meal company and a producer of plant, fungi, and mycelium-based ingredients, announces that it has completed a seed-extension fundraising round (the raised amount has not been disclosed).

With the funds, the Chinese startup will launch the 70/30 Mycelium Research Lab, seemingly located in Bangalore, India, within a renowned biotech startup incubator to develop cost-effective fungi-based biomass ingredients for alternative meats. With this expansion, the startup will have a presence in two important Asian markets.

“We believe that mycelium-based sustainable protein products can be a gateway to broader consumer adoption in Asia”

According to the press release, the funding round received strong backing from investors, with participation from Better Bite Ventures and support from previous seed investors.

“We believe that mycelium-based sustainable protein products can be a gateway to broader consumer adoption in Asia, especially given the familiarity and positive perception of fungi in the region,” comments Michal Klar, Founding Partner of Better Bite Ventures.

Shedded fungi ingredient
© 70/30 Food Tech

Biomass fermentation for alt proteins

70/30 Food Tech argues that the alternative options must be cost-effective and affordable for companies to switch from animal to plant-based products. 

Looking for solutions, in 2021, the company embarked on pilot-scale experiments in biomass fermentation at the Shanghai Academy of Agricultural Sciences to produce affordable mycelium ingredients.

Biomass fermentation yields high-quality protein with amino acid ratios even better than animal protein. Moreover, products made with mycelium biomass offer a texture similar to animal flesh, eliminating extrusion processes typically used in “processed” soy-based products.

“Despite facing challenges in 2023 related to the post-pandemic and economic conditions, we maintain a positive outlook on the growth potential of the plant-based sector in Asia – especially if we can provide affordable and healthier alternatives to animal protein. We can achieve this with fungi biomass fermentation,” shares Eve Samyuktha, the founder and CEO of the startup.

A bowl of noodles topped with plant and fungi meat.
© 70/30 Food Tech

Mycelium for Asia’s plant-based sector

A Dao Foods’ portfolio startup, 70/30 Food Tech, has introduced mushroom-soy-based protein products for B2B clients, including Guaka, a Chinese restaurant chain specializing in light and healthy food, with an estimated 1 million end consumers across all its locations. 

At its new research facility, 70/30 Food Tech will use specially mutated fungi strains and advanced process designs in bioreactors to bring its products to market quickly and efficiently while prioritizing safety and quality in its production methods.

70/30 Food Tech states that it is open to collaborations with potential research partners, future clients, suppliers of feedstock, and early-stage investors interested in launching affordable mycelium ingredients.

“We liked 70/30 Food Tech’s product pipeline and unique go-to-market strategy,” Klar adds.

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