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Infinite Roots attracts Haribo shareholder, Dr Hans Riegel Holding, and Rewe investment for mycelium-based proteins

January 29, 2024

Infinite Roots, formerly known as Mushlabs, has successfully closed a €53 million Series B funding round, marking the largest investment in mycelium technologies in Europe to date. The funding round was oversubscribed and led by Dr Hans Riegel Holding (HRH), a holding company of the renowned confectionery group Haribo. Other participants included the EIC Fund, REWE Group, Betagro Ventures, and existing investors such as Clay Capital, FoodLabs, Redalpine, Simon Capital, and Happiness Capital.

Infinite Roots is a leading German biotech company specializing in mycelium technology for food applications. The funding will support the company's expansion of production capacities and global launch activities. With a focus on transforming the global food system, Infinite Roots aims to leverage the versatile applications of mycelium.

Dr Mazen Rizk, Founder & CEO of Infinite Roots, expressed excitement about the collaboration with industry champions to establish the next generation of sustainable and healthy foods. The company plans to lead the shift towards a more sustainable and healthy food system with its mycelium-based products.

HRH, as a commercial partner, brings international expertise in launching products, while REWE Group, Germany's second-largest food retailer, has a significant market share in vegan core products. Both investments reflect confidence in Infinite Roots' technology and products, aligning with growing consumer demands for sustainable food alternatives.

Infinite Roots' mycelium technology, based on edible mushroom mycelium, allows the development of diverse and versatile food products. The company's patented technologies position it as a pioneer in mycelium-based nutrition, contributing to a sustainable food supply. Mycelium fermentation technology is recognized as a megatrend in the food industry, alongside plant-based and cultured meat, creating a distinct category in food classification.

The funding round underscores Infinite Roots' potential and ability to attract strong partners, further solidifying its position as an innovative leader in the mycelium technology space.

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