Innomy raises €1.3 million to develop alternative protein sources based on mushrooms

Rockstart, a global early stage investor and accelerator, has announced its investment in the Spanish food tech startup Innomy. The €1.3 million round was led by Corporación Cervino, Zubi Capital, Eatable Adventures, the National Center for Technology and Food Safety (CNTA) with Rockstart as a co-investor. The investors have taken equity stakes in the company to scale the start-up’s disruptive technology and promote a more sustainable and healthier protein consumption alternative.  

The leading Argentinian team, with CEO and co-founder, Juan Pablo de Giacomi, biotechnologist COO and co-founder, Pablo Sánchez Rey, and mycologist CSO and Technology Partner, Francisco Kuhar, has dedicated years of research to the properties of mushroom-based proteins and their benefits for the health of people and planet.

In the context of the current global environmental and demographic challenges, meat alternatives, such as mycelium, are an effective solution to reduce meat production effects, which are responsible for almost 60% of all greenhouse gasses generated by food production, according to FAO data. Mycelium, a filamentous, protein-rich ingredient extracted from the root structure of mushrooms, is considered to be one of the most promising sources of protein for the future. Its quality in terms of nutrition was recognized by scientists a long time ago, but its current production for human consumption is not yet widespread. Furthermore, the fact that fungi do not produce cholesterol or significant amounts of saturated fats has redirected the attention of the food industry towards them.

"We were born as a platform to channel many years of research in the field of the properties of edible mushrooms," commented Juan Pablo de Giacomi, CEO & Founder, Innomy. "Our mission is to respond to consumers that demand good food products for their health but also for the planet's well-being. We want to reach new markets and bring our product to thousands of people."

"We are very proud to be part of this new milestone that consolidates the leadership of the Spanish food tech ecosystem," added José Luis Cabañero, CEO & Founder, Eatable Adventures. "In the past few months, we have managed to raise Funding rounds of an average of 1.8M for three of the startups that have been selected in our acceleration program. We continue to bet on disruptive technologies that impact the way food is produced and consumed, ensuring food safety for all."

"In the case of Innomy, the founding team is composed of specialists in mycelium and have all shown amazing commercial insight and humble curiosity during the mentor sessions throughout our accelerator program," stated Mark Durno, Managing Partner AgriFood, Rockstart. "We are delighted to make our second investment in the company."