Maash raises US$14.2M to scale mycoprotein for pet food

BELGIUM – Belgian food technology company Maash has raised €12.15 million (US$14.2 million) to launch a demonstration plant in France and prepare its mycoprotein ingredient for industrial-scale production, including for the pet food market.

The funding comprises €5.85 million (US$6.8 million) in equity, a €4.3 million (US$5 million) grant from Bpifrance’s Première Usine programme and a €2 million (US$2.3 million) loan from Bpifrance.

The capital will support the launch of Maash’s 12-square-metre demonstration facility in Carling-Saint-Avold, France, and accelerate commercialisation of its LoCylia mycoprotein.

Maash has also appointed former DSM and Avril Group executive Samah Garringer as CEO.

“I am thrilled to join Maash at this pivotal moment,” Garringer said. 

“Together with the team and our new partners, we will deliver the pre-industrial project, accelerate commercial rollout and build a resilient, cost-competitive platform to bring nutritious, sustainable mycoprotein to market at scale.”

Founded in 2021, Maash uses submerged fermentation with an EU-approved strain of filamentous fungi to produce LoCylia. 

The company says the ingredient uses 90% less water and 99% less land than beef while generating 95% fewer greenhouse gas emissions.

Mycoprotein targets pet food applications

Maash is developing LoCylia for both blended meat and pet food applications.

Its LoCylia PF ingredient is designed for pet food formulations as an alternative to conventional protein sources including fishmeal, soy, legumes and beans.

The company says the ingredient provides all essential amino acids and has a PDCAAS score of 1.0, indicating a complete protein profile.

The pet food application also comes as manufacturers seek alternative protein sources that can provide nutritional value while reducing reliance on conventional animal and plant-based ingredients.

Maash’s LoCylia FD, meanwhile, is intended for blended meat products combining animal and alternative proteins.

The company acquired the Carling-Saint-Avold industrial site from Metabolic Explorer in 2024 and has since focused on preparing the facility for scale-up.

“Acquiring the former Metex site gave us an industrial base. Over the past two years, we have worked to turn that base into a credible and executable project,” said Gaspard Gilbert, Maash managing director, COO and acting CFO.

“This financing marks an important step in that journey: we now have the partners, resources and leadership in place to move from preparation to industrial deployment,” he added.

The company said its new investors also bring industrial expertise, market access and strategic support as it moves towards commercial production.

Maash is targeting a European leadership position in mycoprotein as investment in alternative proteins increasingly shifts towards technologies that can demonstrate commercial scalability and competitive production costs.

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