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. 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 …