Mushlabs secured $10 million from Redalpine, Happiness Capital, VisVires New Protein and Joyance Partners

Mushlabs, a Berlin, Germany-based biotech startup doing nutrition R&D, announced closing in a $10 million capital series A investment round.

The round was co-led by Singapore’s VisVires New Protein and Switzerland’s Redalpine, and included participation from existing investors Happiness Capital — an affiliate of Hong Kong food brand Lee Kum Kee — and Joyance Partners.

The capital will be used to scale up production to industrial levels and to build out a sales function. While it’s focused on the B2B segment at the moment, the startup is considering whether to additionally move into consumer offerings.

Mushlabs, founded in 2018 by CEO Mazen Rizk, grows meat substitutes from fermented mushrooms as it uses liquid fermentation technology to grow mycelia, the ‘roots’ of mushrooms, for use in the manufacturing of alt-protein and meat replacement products.

The company, which has 11 employees, has previously raised $2.2 million from investors including Bitburger Ventures and Atlantic Food Labs.