Hamburg-based biotech company Infinite Roots, also known under its former name Mushlabs, announces the closing of its 58 million US dollars Series B financing round. This represents the largest investment in Europe to date in a technology that uses mushroom mycelium for food production.
Haribo and REWE among the investors
The round is led by Dr. Hans Riegel Holding (HRH), one of the two shareholder holding companies of the confectionery group Haribo. The EIC Fund, an initiative of the European Commission to make direct equity investments in highly innovative startups and SMEs in Europe, the REWE Group and Betagro Ventures are involved as well. Existing investors such as ClayCapital, FoodLabs, Redalpine, Simon Capital and Happiness Capital also take part. Since its foundation in 2018, Infinite Roots has raised a total of 73 million US dollars.
Infinite Roots plans to use the fresh capital to further develop its patented mycelium technologies, expand capacity and launch its first products. The company's long-term vision is to play a key role in transforming the global food system by leveraging the diverse applications of mushroom mycelium. Currently, food made from mushroom mycelium is not yet approved in the EU, but the company is confident that this will change soon.
