Hamburg-based Infinite Roots, a biotech company using fermentation and fungi to create the next generation of sustainable foods, announced that it has secured $58M (nearly €53.25M) in a Series B round of funding.
This round for Infinite Roots represents the largest investment in mycelium technologies in Europe.
The oversubscribed investment was led by Dr Hans Riegel Holding (HRH), one of the two holding companies of Haribo, and supported by the EIC Fund, an initiative of the European Commission. REWE Group and Betagro Ventures also participated in the round.
Capital utilisation
Infinite Roots will use the funds for a new phase of commercial growth, with plans to enhance production capacities and embark on global launch initiatives.
In the future, the company envisions a pivotal role in revolutionising the global food system, championing sustainable, healthy, and versatile applications of mycelium.
Dr Mazen Rizk, founder of Infinite Roots, says, “Rethinking food production and consumption has never been more pressing and requires our collective efforts. 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.”
Brief about Infinite Roots
Founded in 2018, Infinite Roots (formerly Mushlabs) is a biotech company that uses mycelium as a microscopic solution to global challenges. The startup is on a mission to cultivate food sustainably and meet the needs of a growing global population.
Infinite Roots specialises in cultivating and harvesting mycelium, a versatile ingredient for environmentally friendly meals. Mycelium stands out by requiring significantly fewer resources than animal or soy ingredients, and it doesn’t necessitate extensive land use.
Beyond its sustainable profile, mycelium is nutrient-rich and imparts the savoury umami flavour found in favourite foods.
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