German biotech Infinite Roots (previously Mushlabs) has secured $58 million in an oversubscribed Series B funding round. The sum is said to be Europe’s largest ever investment in mycelium.
The round was led by Dr. Hans Riegel Holding, a holding company for confectionery group Haribo, with support from the EIC Fund (an initiative by the European Commission). Other participants included REWE Group, Clay Capital, FoodLabs, and more.
Infinite Roots will use the funding to “move into a new era of commercial growth”, which will include expanding production capacities and launching worldwide. The company said that securing such a large sum in the current challenging economic climate was a testament to its technology and expertise.
“A new era”
Infinite Roots uses patented fermentation technologies to develop a diverse range of foods using edible mushroom mycelium. The products are said to require far fewer resources than animal products or crops such as soy, while providing an umami taste and a variety of nutrients.
Founded in 2018 under its previous name Mushlabs, the company previously raised $10 million in a Series A round in 2020. In November of last year, the company announced its rebrand, saying that the new name symbolised a transition from startup phase to corporate era.
The Hamburg-based company partnered with one of Germany’s largest breweries, Bitburger Brewery Group, in 2022. As part of the collaboration, Infinite Roots uses byproducts from Bitburger’s beer production to make edible fermented mycelium.
“Rethinking food production and consumption has never been more pressing, and requires our collective efforts,” said Dr. Mazen Rizk, founder and CEO of Infinite Roots. “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.”
