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MyForest Foods announces US$15 million Series A-2 funding

June 7, 2023

MyForest Foods Co has raised US$15 million in Series A-2 funding to support its next chapter of growth and further bring its hero product, MyBacon, to more consumers across the East Coast. The round was led by MyForest Foods’ parent company, Ecovative Design.

The majority of the proceeds will be used to support MyForest Foods’ retail growth and foodservice presence as it expands its footprint across the Eastern Seaboard, including New York City. The company’s popular mycelium-based meatless bacon product, MyBacon, is now commercially available at multiple Fairway Market and Gourmet Garage store locations throughout Manhattan. These additions mark a new milestone; MyBacon is now available in over 100 retail locations across the Northeast.

“The plant-based category is at a unique inflection point, where only the most promising and delicious innovations will thrive," said Gary Hirshberg, Co-Founder of Stonyfield Farm and MyForest Foods Board Member. "I believe MyForest Foods has met this call with its unique MyBacon offering. The company is scaling its operations to meet consumers’ growing demand. With this additional investment, it will expand its market presence, attract new retailers, and educate customers about the power of mycelium.”

To support the company during this crucial growth period and into the future, MyForest Foods has hired Greg Shewchuk as its new Chief Executive Officer, effective immediately. Eben Bayer, the company’s Co-founder & former CEO, will remain Chairman of the Board and continue to support the team’s continued operational expansion. He will remain CEO of Ecovative, which continues developing and scaling uniquely enabled mycelium products to meet everyday needs.

“MyForest Foods was founded by a team of innovators with a passion for growing mycelium, an insight into how to grow whole-cut meats, and a vision to eliminate factory farming," added Bayer. "Having proved the viability and consumer demand for our flagship MyBacon product, now is the optimal time to bring on an experienced industry leader as we move to commercial scale. I’m thrilled to bring Greg on board and leverage his savvy marketing and consumer packaged goods experience. With his expertise, our team will expand access to our delicious MyBacon, launch new whole cuts, and create a healthier, tastier, more sustainable world.”

Shewchuk most recently served as CEO of the food allergy prevention company SpoonfulONE, which Nestlé acquired in late 2022. He is an active member of the Board of Advisors for Gemic, a global growth strategy firm, in a position he has held since 2019. Shewchuk previously held senior leadership positions at Campbell Soup Company, Mead Johnson Nutrition, Mondelēz International, Cadburys Schweppes PLC, and Unilever.

“MyForest Foods has impressed me with its high-quality, delicious meatless products that support consumers’ ​​desire for more eco-conscious food choices. There’s a reason why MyBacon was recognized by TIME and Fast Company as one of the most innovative food inventions on the market today,” said Greg Shewchuk, CEO of MyForest Foods. “With this new funding and renewed commitment from our investors, my goal is to double down on our marketing and sales functions to take the MyForest Foods brand to the next level.”

The demand for MyForest Foods’ unique mycelium-based offerings is driven by consumer satisfaction with its tasty products and eco-friendly mission. MyBacon’s production process uses a fraction of the land, water, and carbon required for conventional pork production. The application of AirMycelium farming technology produces a plant-based whole-cut product, filling a significant market gap and bolstering a new industry category. MyForest Foods’ state-of-the-art mycelium farm, Swersey Silos, has rapidly scaled production since opening its doors in July 2022. The team is also in the process of launching a second farm in Canada with Whitecrest Mushrooms.

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