Infinite Roots GmbH (formerly Mushlabs), a German biotech, secured $58 Million in a Series B financing round. The sum is said to be Europe’s largest ever investment in mycelium.
The round was headed by Dr. Hans Riegel Holding (a holding company of confectionery group Haribo), with support from EIC Fund, an initiative by the European Commission. REWE Group and Clay Capital were also participants.
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 claimed that its ability to raise such a significant amount of money in a challenging economic environment was testament to their technology and expertise.
“A new era”
Infinite Roots develops a variety of food products using edible mushroom mycelium. These products, which are said to be far more resource-efficient than animal products and crops like soy while also providing a range of nutrients, have an umami flavour.
The company was founded in 2018 and raised $10 million for a Series A in 2020. In November last year, the company revealed its new brand, stating that…