Venture Capital: MyForest Foods Raises $15M Venture Loan To Scale Plant-Based Bacon
MyForest Foods Co produces mycelium-based bacon.
MyForestFoods, previously known as Atlast, has secured venture loan financing from Connecticut’s Horizon Technology Finance Corporation and a private investment vehicle connected to Horizon, to scale up its production of mycelium-based bacon. The investors funded $7.5 million each. (Green Queen)
The alt-meat startup is said to be investing about $50 million in new factories for its clean-label, plant-based and pig-free bacon.
Mycelium is a meaty mushroom root found in the forest.
However, MyForest grows it in vertical farms, and then slices and seasons it to serve. MyForest uses mycelium technology provided by affiliate Ecovative.
After a successful trial of this technology, MyForest tied up in January with Whitecrest Mushrooms Ltd to produce, on a dedicated vertical farm, about three million pounds of MyBacon mycelium annually.
In April last year, the startup obtained $40 million from investors including Robert Downey Jr.’s Footprint Coalition Ventures. The same month, Ecovative raised $60M in a Series D funding round led by Viking Global Investors, with contributions from Senator Investment Group, AiiM Partners, and others.
MyForest only scratching the surface
“We are only scratching the surface of the mycelium process with MyBacon,” said MyForest founder and CEO Eben Bayer to Vegconomist. “We have successfully recreated the multi-sensory experience of eating a whole cut of meat with MyBacon, unlike other plant-based alternatives that are forced to process and shape their meat. The difference is truly striking, and consumers have overwhelmingly responded positively to MyBacon. Horizon’s support will enable us to further develop additional products and create an entire new category of whole-cut plant-based foods.”
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