Key Takeaways
- Infinite Roots (formerly Mushlabs) completes a €53 million Series B funding round, the largest for mycelium technology in Europe.
- Led by Dr. Hans Riegel Holding (HRH), with significant contributions from the EIC Fund, REWE Group, and other investors.
- Funds aimed at expanding production capacities and initiating global launch activities.
- According to CEO Dr. Mazen Rizk, infinite Roots focuses on sustainable, mycelium-based food products.
- The investment reflects confidence in sustainable food alternatives amid growing consumer demand.
Infinite Roots Secures €53 Million in Series B Funding: A Milestone in Mycelium Technology
Record Investment in European Mycelium Technologies
Infinite Roots, previously known as Mushlabs, a German biotech company specializing in mycelium technologies, has completed a significant funding round, securing €53 million in Series B financing. This investment represents the largest of its kind in the European mycelium sector, signifying the increasing relevance of this technology in the global food industry.
Diverse Investor Support
The funding round was led by Dr. Hans Riegel Holding (HRH), who is associated with the international confectionery group Haribo. The European Innovation Council (EIC) Fund, a European Commission initiative supporting innovative startups and SMEs, also played a pivotal role. Additional participants included the REWE Group, a major German and European trade and tourism group, and Betagro Ventures. Support continued from existing investors, including Clay Capital, FoodLabs, Redalpine, Simon Capital, and Happiness Capital, who bring expertise in global food product distribution and marketing.
Strategic Expansion and Growth Plans
The new funding is earmarked to enhance Infinite Roots’ commercial growth. The company plans to expand production capabilities and launch activities internationally. Infinite Roots aims to impact the global food system using mycelium, a versatile material.
Commitment to Sustainable Food Production
Dr. Mazen Rizk, Founder and CEO of Infinite Roots, highlighted the company’s focus on developing sustainable, healthy food solutions through mycelium technology. The investment from HRH and REWE Group, among others, demonstrates a belief in the potential and market viability of these sustainable food alternatives.
Industry Support and Potential Impact
Infinite Roots’ advancement in mycelium technology potentially contributes to a sustainable food supply. Dr. Reinhard Schneider, Managing Director of Dr. Hans Riegel Holding GmbH, emphasized investing in technologies that define the future. Svetoslava Georgieva, Chair of the EIC Fund Board, also acknowledged the significant prospects of Infinite Roots’ developments in aligning consumer food preferences with health and environmental considerations.
