Leading the round was Dr. Hans Riegel Holding (HRH), a main holding company of the confectionery group Haribo, a well-known brand in the confectionery industry. Additional support came from the Europe Investment Council fund, REWE Group, and Betagro Ventures. Existing investors such as Clay Capital, FoodLabs, Redalpine, Simon Capital, and Happiness Capital also participated, building on a previous Series A round of $10 million.
The funding will enable IR to accelerate commercial growth, expand production capacities, and invest in launch activities. Dr. Mazen Rizk, Founder and CEO of Infinite Roots, expressed confidence in the company’s ability to pioneer a new era of Mycelium-based products.
The versatility of Mycelium, the “roots” of mushrooms, allows for the creation of an array of products, including textiles and construction materials, through the secretion of enzymes to break down and absorb nutrients from its surroundings.
Despite significant competition from well-funded rivals, including Meati, Nature’s Fynd, Myco Technology, and Quorn, IR is poised for success due to its scaling up of technology.
Emphasizing their innovative approach, Rizk explained their strategy of partnering with existing facilities and breweries for ingredient production, as well as their commitment to creating healthy and flavorful products, distinguishing themselves from traditional meat alternatives.
The necessity for industrial-scale facilities in the Mycelium industry is evident, as demonstrated by the recent developments in the field, with companies like Meati Foods making significant investments to establish large-scale production facilities.
Infinite Roots’ partnership with an industrial collaborator for their next phase signifies a step forward for the company, positioning them for continued success in the burgeoning Mycelium market.
