MAASH Secures €12.15 Mn to Scale Sustainable Mycoprotein Production

The funding package includes €5.85 million in equity investment from new investors. These include Ambra Capital, InvestPro, Bpifrance, Amorçage Industriel, Nordzucker and Tereos.

MAASH will also receive €4.3 million in support from Bpifrance through its Première Usine programme. In addition, the company secured a €2 million Bpifrance loan through the Prêt d’Amorçage Investissement programme, supported by France 2030.

Frédéric Van Gansberghe, co-founder and Chairman of the board, said, “Our industrial fermentation experience, combined with the arrival of our new partners, will allow us to move quickly through our technical and commercial scale-up.”

Samah Garringer, incoming CEO, said, “I am thrilled to join MAASH at this pivotal moment. Together with the team and our new partners, we will deliver the pre-industrial project, accelerate commercial rollout and build a resilient, cost-competitive platform to bring nutritious, sustainable mycoprotein to market at scale.”

Founded in 2021 by Frédéric Van Gansberghe and Gaspard Gilbert, MAASH is a biotech startup developing mycoprotein as a more sustainable ingredient for the food industry.

Mycoprotein is made through a fermentation process. MAASH carefully controls factors such as temperature, pH and oxygen levels to produce the ingredient efficiently.

The company also focuses on maintaining the taste, texture and performance of its mycoprotein. This helps food companies use it in different types of products.

MAASH works with food companies to improve their products by adding mycoprotein. This can help reduce meat content by 10% to 30% or create new vegetarian and vegan products.

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