Hamburg-based startup Infinite Roots, formerly known as Mushlabs, has secured $58 million in a series B funding round to expand its mycelium fermentation platform. This investment marks the largest mycelium-related funding in Europe. The round was led by Dr. Hans Riegel Holding (HRH), with support from the European Innovation Council (EIC) Fund, German retail giant REWE Group, and Betagro Ventures, the venture arm of Thai agrifood company Betrago.
Existing investors, including Clay Capital, FoodLabs, Redalpine, Simon Capital, and Happiness Capital, also participated in the funding round. Infinite Roots, founded in 2018, has raised a total of $73 million to date. The company works with contract manufacturers to grow mycelium at pilot and industrial scales and plans to launch commercial products this year.
Infinite Roots CEO, Jane Doe, commented on the funding, saying, “Securing an investment round of such scale from industry giants amidst a harsh fundraising environment is not only a testimony to Infinite Roots’ technology and expertise but also a massive win for innovation in the entire food industry.”
In addition to the funding news, Infinite Roots has established a strategic partnership with Bitburger Brewery Group. Under this partnership, the brewery will provide spent grains as a feedstock source and contribute its fermentation capacity, with necessary modifications, for growing mycelium.
