Foodtech startup Innomy has just raised €1.3 million to develop alt-protein sources based on the humble mushroom. The Bilbao-based company is now ready to scale up its tech and promote a new, more sustainable protein of choice.
Foodtech innovation is at an exciting point. We are now increasingly seeing new food alternatives that are more sustainable to cultivate and produce, and have health benefits for the consumer as for the planet. Developing these food alternatives is seen as crucial for future life as well – helping to reduce carbon emissions and encourage healthier, more sustainable lifestyles. Now, the mushroom (who was always said to be a fun-guy) is being used to develop a protein alternative.
Spanish startup, led by Argentinian Juan Pablo de Giacomi, Pablo Sánchez Rey and Francisco Kuhar, Innomy has dedicated years of research to the properties of mushroom-based proteins and their benefits for the health of people and the planet. Now, the team has picked up €1.3 million to scale the tech and bring the product to market.
The €1.3 million round was led by Corporación Cervino, Zubi Capital, Eatable Adventures, the National Center for Technology and Food Safety (CNTA) with Rockstart as a co-investor.
The investors have taken equity stakes in the company to scale the startup’s disruptive technology and promote a more sustainable and healthier protein consumption alternative.
Innomy is the third foodtech Spanish startup announcing its first funding round after successfully completing the Rockstart AgriFood acceleration program and Spain Foodtech program developed by Eatable Adventures, in collaboration with ICEX Spain Export and Investment and the National Center for Technology and Food Safety (CNTA).
José Luis Cabañero, CEO and founder, Eatable Adventures: “We are very proud to be part of this new milestone that consolidates the leadership of the Spanish food tech ecosystem. In the last few months, we have managed to raise Funding rounds of an average of 1.8M for three of the startups that have been selected in our acceleration program. We continue to bet on disruptive technologies that impact the way food is produced and consumed, ensuring food safety for all”.
Healthier, more sustainable lifestyles
Founded in 2021, Innomy is creating meat alternatives that combine mycelium (a mushroom tissue) with biotechnology to create a new generation of alt-protein sources.
Juan Pablo de Giacomi, CEO and founder, Innomy: “We were born as a platform to channel many years of research in the field of the properties of edible mushrooms. Our mission is to respond to consumers that demand good food products for their health but also for the planet’s wellbeing. We want to reach new markets and bring our product to thousands of people”.
In the context of the current global environmental and demographic challenges, meat alternatives, such as mycelium, are an effective solution to reduce meat production effects, which are responsible for almost 60% of all greenhouse gasses generated by food production, according to FAO data.
Mycelium, a filamentous, protein-rich ingredient extracted from the root structure of mushrooms is considered to be one of the most promising sources of protein for the future. Its quality in terms of nutrition was recognised by scientists a long time ago, but its current production for human consumption is not yet widespread. Furthermore, the fact that fungi do not produce cholesterol or significant amounts of saturated fats has redirected the attention of the food industry towards them.
Now, with this new funding, the innovative team plans to bring the mushroom-based product to European markets and will scale up operations.
Mark Durno, Managing Partner AgriFood, Rockstart: “At Rockstart, purpose driven and determined founders are central to our investment selection. In the case of Innomy, the founding team is composed of specialists in mycelium and have all shown amazing commercial insight and humble curiosity during the mentor sessions throughout our accelerator program. We are delighted to make our second investment in the company.”
Héctor Barbarin, CEO, CNTA added: “With the entry into the capital we formalize the collaboration we have maintained in recent years to develop Innomy’s proprietary technology. And now, with this financial injection, it will be possible to bring this technology to the market and continue contributing to transforming the future of food to make it healthier, more sustainable, safer and available to everyone”