US mycelium technology company Ecovative has secured over $11m in funding to support the growth of its spin-out company MyForestFoods’ mycelium-based bacon.
The investment will support the addition of a new production and packaging line for MyBacon, and a new MyForest Foods Food Science Lab, enabling the company to launch new mycelium-based whole cut products into retail. The capital was secured through an internal funding round, as well as an Albany County Award of $1.68m in grant and loan funding from the Advance Albany County Alliance.
MyBacon is crafted using Ecovative’s AirMycelium platform, a proprietary technology that combines organic farming practices with advanced mushroom growing technology. The technology is built on Ecovative’s decades of expertise in mycelium R&D, enabling the production of proteins in less than two weeks while requiring minimal land and resources.
The bacon alternative contains just five simple ingredients – organic mycelium, salt, sugar, coconut oil and natural flavours. It aims to provide a cleaner label alternative to many ultra-processed plant-based meat substitutes, with consumers increasingly demanding ingredient transparency and simpler ingredient formulations.
Ecovative said its latest funding will enable it to meet ‘surging’ consumer demand as it continues its nationwide distribution expansion. As well as bolstering MyBacon’s growth, the investment will also enhance R&D in the company’s Forager division, which leverages Ecovative’s mycelium platform to produce fashion and wellness innovations.
Eben Bayer, Ecovative’s CEO, said: “Our AirMycelium platform enables us to grow high-performance products that meet real market needs, from delicious whole-cut proteins to next-generation materials for fashion and wellness".
“This investment accelerates our ability to scale these technologies globally while revitalising existing agricultural infrastructure and creating high-value, meaningful products consumers actually want."
