Mycoprotein maker Maash has secured a €12.5 million funding package to accelerate its next phase of growth and launch a demonstration plant in France. The Brussels-based startup, which operates in Belgium and France, plans to use the capital to scale production to up to 10,000 tons annually. The investment will support the facility in Carling-Saint-Avold, a site the company acquired in 2024 from Metabolic Explorer, a former biotech firm that entered liquidation.
Investors and Financial Backing
The funding round includes a €5.85 million equity raise from five new investors: Ambra Capital, InvestPro, BPIFrance Amorçage Industriel, Nordzucker, and Tereos. In addition to this equity, BPIFrance has provided €4.3 million through its Première Usine programme, supported by the France 2030 plan, alongside a €2 million loan via its Prêt d’Amorçage Investissement. This combination of equity and debt financing aims to provide the necessary capital for the industrial deployment of Maash’s product line.
Maash’s product, LoCylia, is a fermentation-derived mycoprotein ingredient made from fungi. It offers a high-protein and fiber-rich solution designed for multiple food applications. As a B2B supplier, the company aims to differentiate itself through an “industrial discipline” approach, focusing on cost competitiveness and close alignment with customer needs.
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Leadership Changes and Strategic Shift
Maash has announced a significant leadership transition. Samah Garringer has been appointed as chief executive officer, bringing over 25 years of experience in food, ingredients, and industrial scale-up. Her previous roles include positions at DSM, Avril Group, and Enough Foods, a fellow mycoprotein specialist. Garringer’s appointment aligns with the company’s shift into a new development phase, prioritizing the delivery of the pre-industrial project and building commercial momentum.
With Garringer’s arrival, co-founder and managing director Gaspard Gilbert has taken on the role of chief commercial officer, while also serving as acting chief finance officer. Gilbert noted that Garringer brings the “industrial, human and commercial capabilities it needs to scale.” He described the acquisition of the former Metex site as giving the company an industrial base, which they have worked to turn into a credible project over the past two years.
Garringer expressed her enthusiasm for joining the team at this stage. She stated that together with the staff and new partners, they will deliver the pre-industrial project and accelerate the commercial rollout. The company aims to become a European leader in mycoprotein by combining fermentation expertise with a pragmatic approach focused on competitive capital investment and production costs.
