MAASH raises €12.15 million to launch mycoprotein demonstration plant

European fermentation company MAASH has secured €12.15 million in equity and public financing to launch a 12 m³ demonstration plant in Carling-Saint-Avold, France, as it prepares to scale production of its LoCylia mycoprotein ingredient.

• MAASH secured €12.15 million through equity investment, public funding and debt to launch its 12 m³ demonstration plant at Carling-Saint-Avold in France.
• Five new investors joined the company, including Nordzucker and Tereos, while Bpifrance provided €6.3 million through grant and loan financing.
• Samah Garringer was appointed CEO from September 2026 as MAASH prepared for commercial deployment and a targeted 10,000 tons of annual industrial production.

The financing package comprised a €5.85 million equity round backed by Ambra Capital, InvestPro, Bpifrance Amorçage Industriel, Nordzucker and Tereos.

Bpifrance also provided €4.3 million through France’s Première Usine program, alongside a €2 million Prêt d’Amorçage Investissement loan supported by France 2030.

MAASH said the funding would finance the launch of its demonstration plant and preparations for a subsequent industrial facility capable of producing 10,000 tons annually.

The company acquired the former Metabolic Explorer site in Carling-Saint-Avold two years ago and has since been developing the location as the industrial base for its fermentation platform.

Its lead ingredient, LoCylia, is a fermentation-derived mycoprotein designed for B2B food applications. MAASH describes the ingredient as high in protein and fiber and is targeting manufacturers looking for scalable alternatives to conventional protein ingredients.

The involvement of Nordzucker and Tereos also brings two large agricultural processing groups directly into MAASH’s shareholder base.

Tereos is working with MAASH on fermentation substrates and brings experience in sugar, starch and agricultural raw-material processing, while Nordzucker has been expanding beyond its core European sugar operations under its diversification strategy.

Alongside the financing, MAASH confirmed a leadership change ahead of the next phase of development.

Samah Garringer will join as CEO in September 2026, taking responsibility for delivery of the pre-industrial project, commercial development and preparations for full-scale manufacturing.

Garringer has more than 25 years of international experience across food, ingredients, nutrition and industrial production, including senior positions at DSM, Avril Group and mycoprotein producer ENOUGH Foods.

Current Managing Director and co-founder Gaspard Gilbert will move into the role of Chief Commercial Officer while also serving as Acting Chief Finance Officer. He will lead commercial relationships and strategic partnerships. “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,” said Frédéric Van Gansberghe, Co-founder & Chairman of MAASH. “Samah Garringer’s appointment as CEO is a major asset, bringing all the relevant experience needed for success in the coming years.”

Gilbert said the financing moved MAASH from development work toward industrial execution.

“Acquiring the former Metex site gave us an industrial base,” he said. “Over the past two years, we have worked to turn that base into a credible and executable project.”

Garringer said her immediate priorities would include delivering the pre-industrial project and accelerating commercial rollout.

“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,” she said.

The investment comes as European fermentation companies face greater pressure to demonstrate not only technical performance but also credible production economics, customer demand and a realistic route from demonstration-scale facilities to commercial manufacturing.

MAASH is seeking to address that challenge by combining an existing industrial site with a staged scale-up strategy, while bringing raw-material suppliers, financial investors and industrial partners into the company ahead of its next manufacturing phase.

(Main photo shows Frédéric Van Gansberghe, Samah Garringer and Gaspard Gilbert)

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