US mycelium startup MyForest Foods announces it has secured $15M in Series A-2 funding to support scaling and expansion of its popular flagship product, MyBacon. The company has also appointed food industry veteran Greg Shewchuk as CEO, replacing co-founder and former CEO Eben Bayer, who remain on as Chairman of the Board.
The round was led by MyForest Foods’ parent company, Ecovative Design.
“My goal is to double down on our marketing and sales functions to take the MyForest Foods brand to the next level”
MyForest Foods states the new funding will primarily be used to accelerate its retail and food service growth across the Eastern US, including New York City, where its best-selling meatless bacon product – MyBacon – is now available at multiple markets, including Fairway Market and Gourmet Garage.
Since its highly successful launch in 2020, MyBacon has expanded to over 100 retailers across the Northeast region.
“The plant-based category is at a unique inflection point, where only the most promising and delicious innovations will thrive. I believe MyForest Foods has met this call with its unique MyBacon offering,” said investor Gary Hirshberg, co-founder of Stonyfield Farm and MyForest Foods board member. “The company is scaling its operations to meet consumers’ growing demand. With this additional investment, it will expand its market presence, attract new retailers, and educate customers about the power of mycelium.”
New leadership
To lead the company’s next phase of growth, MyForest has appointed Greg Shewchuk as its new CEO, effective immediately. Shewchuk most recently served as head of food allergy prevention company Spoonful ONE, and previously held senior leadership positions at Campbell Soup Company, Mead Johnson Nutrition, Mondelēz International, Cadburys Schweppes PLC, and Unilever.
Shewchuk will replace co-founder Eben Bayer, who will remain Chairman of the Board and continue to support MyForest’s operational expansion. Bayer will also continue his role as CEO of Ecovative, which develops mycelium-based products for a variety of consumer needs.
An “optimal time”
“MyForest Foods was founded by a team of innovators with a passion for growing mycelium, an insight into how to grow whole-cut meats, and a vision to eliminate factory farming,” said Bayer. “Having proved the viability and consumer demand for our flagship MyBacon product, now is the optimal time to bring on an experienced industry leader as we move to commercial scale.
“I’m thrilled to bring Greg on board and leverage his savvy marketing and consumer packaged goods experience. With his expertise, our team will expand access to our delicious MyBacon, launch new whole cuts, and create a healthier, tastier, more sustainable world.”
Planning second farm
Since opening its doors in July 2022, MyForest Foods’ state-of-the-art mycelium farm – Swersey Silos – has rapidly scaled production of MyBacon. The company reveals it is also preparing to open a second farm in Canada through a partnership with Whitecrest Mushrooms. With its latest A-2 round, MyForest Foods has raised over $30M in funding.
“MyForest Foods has impressed me with its high-quality, delicious meatless products that support consumers’ desire for more eco-conscious food choices,” shared Shewchuk.”There’s a reason why MyBacon was recognized by TIME and Fast Company as one of the most innovative food inventions on the market today. With this new funding and renewed commitment from our investors, my goal is to double down on our marketing and sales functions to take the MyForest Foods brand to the next level.”
