[Funding alert] Hamburg-based Infinite Roots Secures €53 Million in Series B Round Funding

Thursday 25, 2024 | By Startup Rise EU

Hamburg-based Infinite Roots secures €53 million in series B round funding. The funding round that was oversubscribed demonstrates the growing significance of mycelium in the global food system and marks the biggest investment in mycelium technology in Europe to date.

Hamburg-based Infinite Roots secures €53 million in series B round funding. The funding round that was oversubscribed demonstrates the growing significance of mycelium in the global food system and marks the biggest investment in mycelium technology in Europe to date.

It was operated by Dr. Hans Riegel Holding (HRH), one of the two holding companies of the worldwide successful candy company Haribo, and it was made possible by the European Commission's ground-breaking EIC Fund, that offers direct equity investments in highly innovative European startups and SMEs.

Read also - London-based OpenDialog Secures over €7 Million in Series A Round Funding

Participating in the round were Betagro Ventures and REWE Group, two of the top commerce and tourist organisations in Germany and Europe.

Additional investors, such as Clay Capital, FoodLabs, Redalpine, Simon Capital, and Happiness Capital, joined them. With the help of these investors, Infinite Roots enlists business associates that have experience introducing and marketing culinary goods all over the world.

Read also - Berlin-based Packmatic Secures €15 Million in Series A Round Funding

With this additional capital, the business enters a new phase of commercial expansion with plans to increase production capacity and fund global launch initiatives. With the many uses for mycelium, Infinite Roots hopes to eventually play a significant part in changing the world food chain.

Dr. Mazen Rizk, Founder and CEO of Infinite Roots said, “Rethinking food production and consumption has never been more pressing, and requires our collective efforts. We are thrilled to join forces with industry champions to establish the next generation of tasty, healthy and sustainable foods. We are in a unique position 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,”.

Svetoslava Georgieva, Chair of the EIC Fund Board said, “We are looking forward to the exciting road ahead with the Infinite Roots team. It is high time for consumers to be able to reconcile their appetite for good food and their willingness to act for the planet and for their health.“

About Infinite Roots

Infinite Roots, a biotech business that uses fungus and fermentation to produce the next wave of sustainable alternative proteins. They support a food system that protects the environment while giving everyone access to palatable, nourishing food.

Read also - London-based Metris Energy Secures €2.3 Million in Pre-Seed Funding

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