Mycelium Millions: Breakthrough $58M for Infinite Roots, German Startup Triumph

TLDR: German mycelium startup Infinite Roots has raised $58 million in Series B funding, the largest investment in mycelium technology in Europe. The company uses biomass fermentation to grow mushroom mycelium, which can be used in meat and dairy analogues. The funding round was led by Dr. Hans Riegel Holding and includes support from the European Innovation Council Fund, German retailer Rewe Group, and Thailand’s Betagro Ventures. Infinite Roots plans to use the funds to scale its fermentation platform, pursue commercial activity, and advance its launch plans. The company’s patented technology allows for the creation of various mycelium-based food products, positioning it as a leader in the alternative protein industry. The market for mycelium is valued at $2.85 billion and offers various nutritional and environmental benefits. By valorizing agricultural sidestreams, companies can reduce food waste and contribute to a more sustainable and healthy food system. Taste is a crucial factor in consumer adoption of alternative proteins, and mycelium-based foods offer a mild flavor that can be enhanced by spices and seasonings.