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Vancouver food-tech startup Maia Farms cecures CA$2.3 million to revolutionize protein with mycelium

May 7, 2024

Maia Farms, a Vancouver-based food-tech company, has secured CA$2.3 million in pre-seed funding to fuel its mission of transforming the global protein supply with a sustainable solution: mycelium.

The funding comes from a diverse group of investors, including venture capital firms Joyful Ventures (California), PIC Group (Saskatchewan), and Koan Capital (Alberta), along with angel investors from the Creative Destruction Lab. Additionally, Maia Farms received crucial grant funding from several Canadian institutions, bringing their total raised funds to over CA$2 million.

This announcement follows Maia Farms' recent win in the Deep Space Food Challenge, where they partnered with Ecoation to develop a revolutionary food production system for space travel. Their CANGrow Technology and CanPro protein ingredient impressed the judges, winning them a significant prize.

CanPro, a protein-rich ingredient derived from mycelium, boasts several advantages. It has five-and-a-half times the iron content of beef, requires only one-tenth the landmass to produce compared to beef, and offers a neutral taste and meat-like texture.

With the new funding, Maia Farms plans to accelerate research and development efforts, scale up production of CanPro, and expand their market reach.

Investors are excited about Maia Farms' potential to revolutionize the protein industry.

"We are proud to announce our investment in Maia Farms, as their mission perfectly fits our investment thesis," commented Jennifer Stojkovic of Joyful Ventures. "Mycelium has a bright future for a more climate-positive, global food system and, as a Canadian, I am thrilled to see Canada become an early leader in this space."

Maia Farms' success highlights the growing interest in sustainable and innovative protein sources. Their work holds promise for a future with a more secure and environmentally friendly food supply.

If you have any questions or would like to get in touch with us, please email info@futureofproteinproduction.com

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