The oversubscribed funding round represents the largest investment in mycelium technologies in Europe to date and underlines the growing importance of mycelium in the global food system.
Infinite Roots specialises in developing mushroom mycelium-based nutrition, aiming to address global challenges such as climate change, resource conservation, and food security.
Its patented technologies enable the development of diverse and versatile food products based on edible mushroom mycelium.
The funding was led by Dr Hans Riegel Holding (HRH), one of the two holding companies of the internationally successful confectionery group Haribo, with support from the EIC Fund. REWE Group — Germany's second-largest food retailer — and Betagro Ventures also participated in the round.
Existing investors Clay Capital, FoodLabs, Redalpine, Simon Capital and Happiness Capita also participated.
With these investors, Infinite Roots brings on board partners with expertise in launching and distributing food products globally.
HRH is a strong commercial partner with international expertise in launching products in growing consumer markets.
REWE Group already holds over 20 percent market share in vegan core products.
According to Dr. Mazen Rizk, Founder and CEO of Infinite Roots:
"Rethinking food production and consumption has never been more pressing and requires collective efforts. We are thrilled to join forces with industry champions to establish the next generation of tasty, healthy, sustainable foods.
We are uniquely positioned to define a new era of mushroom mycelium-based products.
With Infinite Roots' technology and products, we aspire to lead the monumental shift to a more sustainable and healthy food system."
Dr. Reinhard Schneider, Managing Director of Dr. Hans Riegel Holding GmbH said:
Infinite Roots' mycelium technology has the potential to contribute massively to a sustainable food supply. We at Dr Hans Riegel Holding invest in future-defining technologies. "
Svetoslava Georgieva, Chair of the EIC Fund Board, shared:
"We are looking forward to the exciting road ahead with the Infinite Roots team. It is high time for consumers to reconcile their appetite for good food and their willingness to act for the planet and their health."
Lead image: Infinite Roots. Photo: uncredited.