Infinite Roots receives 58 million US dollars

Biotech company Infinite Roots receives funding from industry leaders to further develop mushroom mycelium technologies

Hamburg, January 25, 2024 - German biotech company Infinite Roots, formerly known as Mushlabs, announces the successful completion of its USD 58 million Series B funding round. The oversubscribed financing round represents the largest investment in mycelial technology in Europe to date and underscores the growing importance of fungal mycelium in the global food system.

The round was led by Dr. Hans Riegel Holding (HRH), one of the two shareholder-holdings of the Haribo Group, an internationally successful confectionery company, with the support of the EIC Fund, an initiative of the European Commission to make direct equity investments in highly innovative start-ups and SMEs in Europe. The REWE Group, one of the retail and tourism groups in Germany and Europe, and Betagro Ventures also participated in the round. Other investors already involved included Clay Capital, FoodLabs, Redalpine, Simon Capital and Happiness Capital.

We are thrilled to partner with industry leaders to develop the next generation of tasty, healthy and sustainable food.

Dr. Mazen Rizk, Founder and CEO of Infinite Roots

Infinite Roots plans to use the funds to further develop its patented mycelium technologies, expand capacity and launch its first products. This move follows the completion of one of the largest investment rounds in mycelium technology in Europe. 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.

Infinite Roots' mycelium technology can make a very successful contribution to a sustainable food supply.

Dr. Reinhard Schneider, Managing Director of Dr. Hans Riegel Holding GmbH

Infinite Roots' mycelium technology stands out as a pioneer in the food industry and is seen as a megatrend within the company. Mushroom-based products that are neither plant-based nor animal-based represent an innovative third category. Infinite Roots meets the growing demand for healthy nutritional alternatives worldwide with a sustainable, versatile food range that goes beyond pure meat substitutes.

It is high time that consumers can reconcile their appetite for good food with their willingness to do something for the planet and their health.

Svetoslava Georgieva, Chair of the Board of the EIC Fund

With this funding round and the support of industry-leading partners, Infinite Roots is entering a new era of commercial growth. The company's pioneering position in the development of mushroom mycelium-based foods will be further strengthened by this investment.