The Protein Brewery Secures $35.6M to Expand Mycoprotein Production in the U.S.

What's Happening?

The Protein Brewery, a Dutch startup, has raised $35.6 million in a Series B funding round to scale its fungi-based food ingredients platform, Fermotein, in the U.S. and Singapore. The funding round was supported by existing investors such as Novo Holdings and new investors including Invest-NL. The company plans to use the capital to commercialize Fermotein, expand production at its facility in the Netherlands, and invest in sales and application work. Fermotein is a protein-rich powder used in various applications, including bakery and snacking brands, and is noted for its neutral taste and high nutritional value.

Why It's Important?

The investment in The Protein Brewery highlights the growing interest in alternative protein sources as a sustainable solution to meet global food demands. Fermotein's production process, which is less capital-intensive and environmentally friendly, positions it as a competitive player in the alternative protein market. This development could have significant implications for the food industry, particularly in the U.S., where there is increasing demand for plant-based and sustainable food products. The expansion of Fermotein could lead to more diverse and nutritious food options for consumers, while also reducing the environmental impact of food production.

What's Next?

The Protein Brewery is preparing for a market launch in the EU and UK, pending regulatory approvals. In the U.S., the company has filed a dossier with the FDA and expects to receive approval by 2026. The company is also working on labeling discussions with customers to align with other mycoprotein ingredients. As the company expands its production capacity, it may explore partnerships with food brands interested in incorporating Fermotein into their products. The success of this expansion could encourage further investment in alternative protein technologies.