Maia Farms, winner of the Canadian grand prize in the Deep Space Food Challenge alongside partner Ecoation, has successfully raised CAD2.3 million ($1.7 million) in pre-seed financing. The funding, a combination of private capital and grant support, will bolster the company’s efforts in fungi-based biomass fermentation. Leading the funding round are Joyful Ventures, PIC Group, and Koan Capital, with additional contributions from angel investors associated with the Creative Destruction Lab. Maia Farms also received grant funding from several entities, including the Canadian Food Innovation Network, the National Research Council of Canada, The SFU BC Centre for Agritech Innovation, MITACS, and the Canadian Space Agency.
This financial injection will enable Vancouver-based Maia Farms to scale up its production platform. Co-founder and CEO Gavin Schneider highlighted the company’s advantage in the rapidly expanding mycoprotein space, citing “significantly higher yields” achievable through their methods. Schneider outlined the allocation of funds for various purposes, including market expansion of CanPro—a blend of mushroom and plant protein—across North America, process optimization, fermentation scale-up, research and development in their new mycology and fermentation lab, and the design and engineering of a commercial-scale fermentation facility. Talent acquisition and training are also on the agenda.
Unlike other players in the field, Maia Farms utilizes mycelium from an edible mushroom variety for fermentation. Schneider emphasized that this approach eases regulatory hurdles and delivers superior results compared to traditional mold-type strains. Moreover, Maia Farms employs agricultural byproducts as feedstocks, enhancing sustainability. The mycelium ingredient boasts a neutral taste, high protein content (66%), and significant levels of fiber, iron, and calcium, according to Schneider. He noted its versatility, suitable for various applications including meat alternatives, snacks, baked goods, and children’s nutrition.
While currently offered as a blended product (CanPro), combining mycelium and plant-based protein, Maia Farms aims to market mycelium as a pure product by 2025. Notably, Canadian food manufacturer Big Mountain Foods is already incorporating CanPro into products like meatballs and burger patties. Maia Farms is in the pilot phase with two contract development manufacturing organization (CDMO) facilities, testing a liquid fermentation process for mycelium growth. Schneider highlighted the importance of achieving high yields to justify capital-intensive infrastructure, a goal supported by funding from the National Research Council of Canada’s Sustainable Protein Program.
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