French Mycelium Startup MYCFOODS Launches First Fundraising Round

French startup MYCFOODS, specializing in mycelium-based foods, has launched its first fundraising round to support the industrial scaling of its innovative products. With a goal of raising €750,000 from qualified business angels, the company plans for a subsequent €4.5 million venture capital round next year. The product, developed over four years of research, offers a natural, clean-label alternative to traditional meat and fish, as well as ultra-processed plant-based products, which are facing growing consumer concerns.

MYCFOODS has patented its technology for large-scale production, and the fundraising will support finalizing the technology, launching an industrial pilot, and recruiting talent to scale the business. Founded in 2023 and positioning itself as a leader in the fungal protein sector, the company aims to meet consumer demand for healthy and affordable food alternatives while focusing on sustainability by using agricultural by-products in its production process, making it resource-efficient and eco-friendly. MYCFOODS has won awards for its technology and expertise in fungal protein production, emphasizing its commitment to innovation and sustainability.