The Better Meat Co secures US$31 million to scale mycoprotein production

The Better Meat Co (BMC) has raised US$31 million in an oversubscribed Series A funding round, positioning the California-based startup to scale its mycoprotein ingredient platform at a time when global meat prices are hitting record highs.

The round was co-led by Future Ventures and Resilience Reserve, with participation from Hickman’s Family Farms CEO Glenn Hickman, Epic Ventures, Sigmas Group, and other new and returning investors. As part of the deal, both Steve Jurvetson of Future Ventures and Hickman will join the company’s board of directors.

BMC says the fresh capital will fund expansion of its patented fermentation technology, enabling the company to produce commercial quantities of its Rhiza mycoprotein. The goal is ambitious: selling Rhiza at prices lower than US commodity ground beef within 2026.

“We’ve invented and patented our tech, received regulatory approval, scaled to a demonstration plant, and proven demand exists for Rhiza mycoprotein. It’s now time to fully commercialize and introduce our new crop that will help the protein industry cut costs and improve nutritionals, all with a much lighter footprint,” said BMC CEO Paul Shapiro. “I’m so proud of our team that’s led us to this critical milestone.”

Rhiza mycoprotein is produced through a proprietary fermentation process that converts microscopic fungi into a whole food, shelf-stable, high-protein ingredient. Unlike plant protein extrudates, which often require complex processing and additives to achieve meat-like qualities, Rhiza offers what BMC describes as a cleaner label, enhanced texture, improved flavor profile, and better cooking yields. Nutritionally, it contains more fiber and significantly less saturated fat and calories than conventional meat.

BMC has made notable technical and regulatory progress in recent months. Most significantly, the company achieved continuous fermentation – long considered a 'holy grail' for the field – which reduced production costs by more than 30%. It also secured approvals from both the US Food and Drug Administration (FDA) and the Department of Agriculture (USDA), making BMC’s mycoprotein the only one currently deemed 'safe and suitable' by the USDA for inclusion in animal meat. Regulatory approval in Singapore has further expanded its potential markets.

The company has already signed five letters of intent with major global meat companies to supply Rhiza, and it now holds six US patents protecting its technology. TIME magazine recently named BMC one of America’s Top GreenTech companies.

For investors, BMC’s progress suggests that mycoprotein is emerging as a serious contender in the alternative protein landscape. “The world needs better ways to make protein, and The Better Meat Co has invented one of the most efficient – and delicious – ways to do it,” said Future Ventures co-founder Steve Jurvetson, who has previously served on the boards of companies including SpaceX, The Metals Co., Mythic AI, and Zainar.

Hickman, whose family business is one of the largest egg producers in the USA, will also bring his food industry experience to BMC’s board.

Founded in 2018, The Better Meat Co has already demonstrated the scalability of its platform with a 9,000-liter facility in West Sacramento, California. With the new funding, the company plans to build a commercial-scale plant roughly ten times larger. That expansion is designed to enable large-scale sales of Rhiza to both conventional meat processors and alternative protein companies.

The company envisions its ingredient being blended with meat to reduce costs and improve nutrition, or used in fully plant-based products to deliver a more authentic meat-like experience. Either way, BMC is positioning Rhiza as a versatile solution for an industry under pressure to provide more sustainable, affordable protein.

For Shapiro, the Series A marks a pivotal step in a long-term vision. “We see the planet as our biggest stakeholder, and we want to create food solutions that respect that,” he said. “This investment ensures that Rhiza mycoprotein can be scaled to meet demand and offer consumers better options at better prices.”

With fresh funding secured, regulatory approvals in hand, and commercial partnerships lining up, The Better Meat Co. is betting that its fungi-derived ingredient will soon be a familiar presence in meat aisles and on restaurant menus.