What is the story about?
What's Happening?
The Protein Brewery, a Dutch startup, has successfully raised €30 million ($35.6 million) in a Series B funding round to scale its fungi-based food ingredients platform. The funding will support the commercialization of its mycoprotein, branded as Fermotein, in the United States and Singapore. The investment was led by existing investors Novo Holdings, Unovis Asset Management, and Madeli, along with new investors Invest-NL and the Brabant Development Agency. The company plans to expand production at its demo-scale facility in Mijkenbroek, Netherlands, and invest in sales and application work. Fermotein is a protein-rich powder that can be used in various applications, including bakery and snacking brands, functional bars, ready-to-mix powders, and functional supplement brands. The Protein Brewery aims to offer a nutritional ingredient that reduces sugar and fat while increasing protein and fiber content.
Why It's Important?
The expansion of The Protein Brewery's mycoprotein production is significant for the alternative protein industry, particularly in the U.S. market. As consumer demand for sustainable and health-conscious food options grows, mycoprotein offers a viable solution with its high protein content and low environmental footprint. The company's ability to produce mycoprotein under non-sterile conditions makes its process less capital-intensive, potentially lowering costs and increasing accessibility. This development could benefit bakery and snacking brands, as well as active nutrition customers, by providing a versatile ingredient that aligns with health and sustainability trends. The Protein Brewery's entry into the U.S. market may also stimulate competition and innovation within the alternative protein sector.
What's Next?
The Protein Brewery is preparing for a market launch in the EU and UK, pending regulatory approvals. In the U.S., Fermotein has self-GRAS status, and the company has filed a dossier with the FDA, expecting a 'no questions letter' in 2026. The firm is also in the final stages of the approval process with the European Food Safety Authority and is working with the Food Standards Agency in the UK. In Singapore, Fermotein is already approved by the Singapore Food Agency, and the company is collaborating with multiple prospects there. Labeling discussions with customers are ongoing, focusing on terms like 'mycoprotein,' 'fermented fungi ingredient,' and 'mycelium-based protein.'
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