The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry

German biotech company Infinite Roots, formerly known as Mushlabs, has announced the completion of its Series B funding round, securing a total of $58 million. The company says that the funding round represents "the largest investment" in mycelium technologies in Europe to date, emphasising the growing importance of mycelium in the global food system. The round was led by Dr. Hans Riegel Holding, one of the two holding companies of confectionery group Haribo, with support from the EIC Fund. It included participation from REWE Group and Betagro Ventures. Also joining the round were other existing investors, such as Clay Capital, FoodLabs, Redalpine, Simon Capital and Happiness Capital. Mycelium fermentation technology holds a significant position in the sector of plant-based and cell-based meat. The company said: "Infinite Roots' products create a third category in food classification, as mushroom-based products are neither plant nor animal". According to Infinite Roots, the new funding will see the business enter "a new era" of commercial growth, planning to expand production capacities and invest in global launch activities. In the long term, Infinite Roots aims to play a key role in reshaping the global food system through the versatile applications of mycelium. Mazen Rizk, founder and CEO of Infinite Roots, said: "Rethinking food production and consumption has never been more pressing, and requires our collective efforts. We are thrilled to join forces with industry champions to establish the next generation of tasty, healthy and sustainable foods. We are in a unique position to define a new era of mushroom mycelium-based products. With Infinite Roots’ technology and products, we aspire to lead the monumental shift to a more sustainable and healthy food system." Reinhard Schneider, managing director for Dr. Hans Riegel Holding, commented: "Infinite Roots’ mycelium technology has the potential to contribute massively to a sustainable food supply. We at Dr. Hans Riegel Holding invest in future-defining technologies". Svetoslava Georgieva, chair of the EIC fund board, added: “We are looking forward to the exciting road ahead with the Infinite Roots team. It is high time for consumers to be able to reconcile their appetite for good food and their willingness to act for the planet and for their health."