Dutch Startup Secures €30 Million for Fungi-Based Food Innovation

Dutch startup The Protein Brewery has successfully raised €30 million (approximately $35.6 million) in a Series B funding round. This investment aims to scale its fungi-based food ingredients platform, aligning with their ambitious plans for a commercial launch in the United States and Singapore.

Funding Details and Investor Support

This funding round follows shortly after French alternative meat company Nxtfood (ACCRO) raised $58 million. The Protein Brewery’s round was supported by both existing investors—including Novo Holdings, Unovis Asset Management, and Madeli—and new investors like Invest-NL and the Brabant Development Agency.

Commercialization Plans

The raised capital will be directed towards commercializing its mycoprotein product, known as Fermotein, in the US and Singapore. Additionally, the funding will enhance production capabilities at its demo-scale facility located in Mijkenbroek, Netherlands, and will bolster efforts in sales and application development.

The company is also poised for market entry in the European Union and the UK, pending regulatory approvals.

Innovative Mycoprotein Production

The Protein Brewery CEO, Thijs Bosch, notes that “Quorn has dominated the mycoprotein industry for years.” However, the rise of startups like Nature’s Fynd, Superbrewed Foods, and others have begun to diversify the field, producing whole biomass products from various microbes.

In contrast to most competitors focused primarily on alternative meats, Fermotein is a versatile protein-rich powder applicable in various sectors. Bosch explains, “We made a conscious choice to produce a powder instead of a wet mycoprotein, allowing easier exportation to markets such as the USA and Singapore.”

With a composition of about 50% complete protein and 35% healthy fibers, Fermotein is drawing attention from companies in the bakery, snacking, and active nutrition markets, where there is a growing demand for healthier, high-protein ingredients.

Regulatory Landscape and Market Readiness

Fermotein is recognized as self-GRAS (Generally Recognized As Safe) in the US. The company has filed a dossier with the FDA, anticipating a “no questions letter” by 2026. In the EU, The Protein Brewery is in the final stages of the approval process with the European Food Safety Authority and is actively working with the Food Standards Agency for the UK market.

In Singapore, approval from the Singapore Food Agency has been secured. Bosch mentions that labeling discussions will be crucial, as terms like “mycoprotein” and “fermented fungi ingredient” will be key components in branding and marketing strategies.

Conclusion

The Protein Brewery stands at the forefront of an evolving food landscape, committed to revolutionizing protein sources. The successful funding round and advancement in mycoprotein production position them well for future growth and innovation in both established and emerging markets.