With a view to beating the price of commodity beef by next year, US mycoprotein maker The Better Meat Co has secured $31M in a new Series A financing round.
The investment was co-led by Future Ventures and Resilience Reserve, with further contributions from Hickman’s Family Farms CEO Glenn Hickman, Epic Ventures, Sigma Ventures, and other returning and new investors. It takes the seven-year-old startup’s total raised to $43M.
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The company plans to use the funds to “scale to commercial-volume production” of its Rhiza mycoprotein, founder and CEO Paul Shapiro tells Green Queen. It’s also eyeing new applications for the ingredient, which has so far been used in blended meat products and plant-based alternatives.
Asked what piqued investors’ interest in the firm, Shapiro says: “Rhiza is a unique, clean, whole-food protein that simply does a better job than any other ingredient when it comes to both meat enhancement and alt-meat production.”
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