With its Series B total at €48.2M, the Netherlands-based whole-food mycelium producer plans to expand production capacity to more than 2,000 metric tons annually by scaling operations at its Mijkenbroek, Netherlands, facility.
“With this additional funding, we move from proving that whole-food mycelium is a desirable ingredient to delivering it at the scale that brands and manufacturers need,” said Thijs Bosch, CEO of The Protein Brewery.
The Dutch team plans to drive sales across Europe with a primary focus on active nutrition ready-to-mix powders, bars and functional foods and beverages, where its high nutrition and ‘clean’ profile are key selling points.
“The main advantage for active nutrition formulators is that the nutrition story translates directly: one ingredient, complete protein, fiber, and fungal bioactives, with no allergens requiring labelling and a clean profile,” Bosch said.
Fermotein is a whole-food mycelium ingredient that contains 50% protein (all essential amino acids), 30% fiber, and a comprehensive range of micronutrients and unique fungal bioactives, with a neutral taste and odour.
Spotlighting spermidine
Additionally, the firm will focus clinical and scientific research on the longevity-promoting benefits of Fermotein, as Bosch noted the market catering to the aging consumer is “expected to grow significantly”.
“Fermotein is a unique ingredient, with a combination of protein with a complete amino acid profile, dietary fiber, rich in choline and rich in spermidine, a naturally occurring polyamine that has been linked to activation of autophagy, the cellular recycling process associated with healthy ageing,” he said.
He noted many aging consumers suffer from issues like sarcopenia, gut health issues and metabolic diseases.
“We see strong demand for nutrition catering to aging consumers, and ingredients that have a positive effect on improving health span,” he added.
Sustainable and scalable
The funding round extension was led by ABN AMRO Sustainable Impact Fund and joined by existing investors Invest-NL, Novo Holdings, Madeli, and the Brabant Development Agency (BOM).
“Fermotein meets the challenge of feeding a growing and aging population with fewer environmental resources,” said Bosch. “ABN AMRO Sustainable Impact Fund is the right partner because they understand that high-quality nutrition and sustainability go hand-in-hand.”
The funding round comes in the wake of a five-fold increase in whey protein prices since 2023, primarily driven by a sharp rise in global consumption of high protein food and drink, compounded by the growth in GLP-1 medications and a focus on mitigating muscle mass loss.
Speaking to NutraIngredients about the price rise, Nick Morgan, managing director of Nutrition Integrated, said this is leading several manufacturers to look into alternatives and blend different protein types in order to keep costs down. He also noted that the price hike is likely to continue into the future.
Bosch noted that while other alternative proteins have not been cost-efficient, the Protein Brewery’s patented, low-capital fermentation process makes Fermotein more affordable and scalable.
Following the firm’s recent European Union Novel Foods authorization, the team will next pursue regulatory approvals in new markets, including Canada, Australia, New Zealand, and India.
