In a significant stride towards revolutionizing the landscape of sustainable food, German biotech company Infinite Roots, formerly known as Mushlabs, has announced the successful closure of its Series B funding round, securing an impressive total of $58 million. This funding round is marked as the largest investment in mycelium technologies in Europe to date, indicating the growing recognition of mycelium’s role in shaping the future of the global food system.
The Series B round was led by Dr. Hans Riegel Holding, a prominent holding company associated with the well-known confectionery group Haribo. Adding to the support was the EIC Fund, along with participation from REWE Group, Betagro Ventures, and a consortium of existing investors that includes Clay Capital, FoodLabs, Redalpine, Simon Capital, and Happiness Capital.
At the core of Infinite Roots’ mission is mycelium fermentation technology, a groundbreaking approach that holds significant promise in the domains of both plant-based and cell-based meat. The company underlines the unique nature of its mycelium-based products, categorizing them as neither purely plant nor animal, thus creating a distinct and innovative classification in the realm of food.
The infusion of $58 million in funding is set to usher Infinite Roots into a new era of commercial growth. The company has outlined plans to strategically deploy the funds to expand its production capacities and invest in comprehensive global launch activities. With a long-term vision in mind, Infinite Roots aims to assume a key role in reshaping the global food system by harnessing the versatile applications of mycelium.
Mazen Rizk, the Founder and CEO of Infinite Roots, expressed enthusiasm about the collaboration with industry leaders and champions. Rizk highlighted the company’s unique position to define a new era of mushroom mycelium-based products, positioning itself as a trailblazer in the monumental shift towards a more sustainable and healthier food system.
Reinhard Schneider, Managing Director for Dr. Hans Riegel Holding, acknowledged the potential of Infinite Roots’ mycelium technology in contributing significantly to a sustainable food supply. Dr. Hans Riegel Holding views this investment as a strategic move to support future-defining technologies that align with their commitment to sustainable practices.
Svetoslava Georgieva, Chair of the EIC Fund board, expressed anticipation for the exciting journey ahead with the Infinite Roots team. She emphasized that consumers are increasingly seeking ways to align their culinary preferences with a commitment to the planet and personal health, making it an opportune time for advancements in sustainable food technologies.
All images in this article are courtesy of Infinite Roots.
