Infinite Roots Mealball

Infinite Roots’ meatball made using its mycelium technology

Biotech firm Infinite Roots has closed a $58m (£45.5m) series B funding round as the business looks commercialise its technology and kickstart product launches worldwide.

The oversubscribed round represented the largest investment in mycelium technologies in Europe to date.

Dr. Hans Riegel Holding (HRH), one of the two holding companies of confectionery group Haribo, led the fundraising, with support from the EIC Fund, while German retailer Rewe Group and Betagro Ventures also participated.

Formerly known as Mushlabs, Infinite Roots is based in Hamburg and grows and harvests mycelium (mushroom roots) as a ingredient for “planet-friendly” meals.

“With Infinite Roots’ technology and products, we aspire to lead the monumental shift to a more sustainable and healthy food system,” said founder and CEO Dr. Mazen Rizk.

HRH managing director Dr. Reinhard Schneider added: “Infinite Roots’ mycelium technology has the potential to contribute massively to a sustainable food supply.”

The patented technologies enable the development of “diverse and versatile” food products based on edible mushroom mycelium, according to Infinite Roots.

The company said its products created a third category in food classification, being neither plant or animal, and offered a healthy range of food “extending far beyond meat substitutes”.

Existing investors, including Clay Capital, FoodLabs, Redalpine, Simon Capital and Happiness Capital, all took part in the series B round.