Better Meat Co Raises $31M to Scale Mycoprotein That Could Undercut Beef

The Better Meat Co. has raised $ 31 million in an oversubscribed Series A funding round, providing the company with the resources to scale its patented mycoprotein fermentation technology to a commercial level.

The round was led by Future Ventures, in collaboration with Resilience Reserve, and also received backing from Hickman’s Family Farms Chief Executive Glenn Hickman, Epic Ventures, Sigma Ventures, and several other new and existing investors.

At the core of Better Meat’s innovation is Rhiza, a shelf-stable mycoprotein made from mycelium. Both traditional meat producers and alternative protein manufacturers can use this ingredient. According to the company, Rhiza delivers a superior texture and yield, offers more fibre, contains less saturated fat than plant protein extrudates, and requires fewer additional ingredients.

Looking ahead, the company plans to bring Rhiza to market at commercial volumes by 2026, with a target price that is competitive with US commodity ground beef.

As part of the funding deal, Future Ventures co-founder Steve Jurvetson and Glenn Hickman will join the Better Meat Co. board of directors.

BMC CEO Paul Shapiro said, “We’ve invented and patented our tech, received regulatory approval, scaled to a demonstration plant, and proven demand exists for Rhiza mycoprotein. It’s now time to fully commercialise and introduce our new crop that will help the protein industry cut costs and improve nutrition, all with a much lighter footprint. I’m so proud of our team that’s led us to this critical milestone.”

Jurvetson added: “The world needs better ways to make protein, and The Better Meat Co has invented one of the most efficient – and delicious – ways to do it.”

The company operates a 9,000-litre demonstration facility in West Sacramento, California, and plans to expand capacity roughly tenfold with the new investment.