Maash, a Brussels based food technology startup, has raised 12.15 million euros to help move its fermented protein ingredient from the lab toward industrial scale production.
The round is a mix of equity, grants and loans. Investors including Ambra Capital, InvestPro, Bpifrance Amorçage Industriel, Nordzucker and Tereos contributed 5.85 million euros in equity, while the French public investment bank Bpifrance added a further 4.3 million euros in grant funding through its Première Usine programme and a 2 million euro loan through its Prêt d'Amorçage Investissement scheme.
One protein, two markets
Maash's core product, LoCylia, is a mycoprotein grown through submerged fermentation using a fungal strain approved for use in the EU. The company sells it in two forms, one aimed at blended meat products that combine animal and plant protein, and another built for pet food. It describes LoCylia as a complete protein containing all essential amino acids, free of major allergens, and scoring a perfect 1.0 on the standard measure of protein quality.
The company points to a sizeable environmental case for the ingredient, saying that compared with beef it needs around 90 percent less water and 99 percent less land, while producing about 95 percent fewer greenhouse gas emissions and no methane at all.
Founded in 2021 by Frederic van Gansberghe and Gaspard Gilbert, Maash recently brought in Samah Garringer, who previously worked at DSM, Avril Group and Enough, as chief executive. The new funding will go toward a demonstration plant in Carling Saint Avold in France, a site bought from Metabolic Explorer, as the company works toward its stated goal of becoming a leading mycoprotein producer in Europe.