Adamo Foods nets US$2.5 million to bring clean-label mycelium steak to market

Adamo Foods, a  UK-based food-tech startup, has just closed a US$2.5 million Seed round, co-led by Future Planet Capital and Joyful Ventures. This funding will propel Adamo's mission to introduce what it suggests is the first ultra-realistic beef steak alternative made from fungi, addressing the growing consumer demand for better quality, healthier, and cleaner meat alternatives.

Adamo’s new steak is set to disrupt the burgeoning whole-cut meat alternatives market, which has long lacked innovation despite whole-cuts making up 85% of real meat consumption globally. As plant-based meat sales experience fluctuations, surveys indicate consumers are increasingly seeking tastier, more authentic products with clean labels – 81% are concerned about ultra-processed foods.

With its proprietary fermentation process, Adamo Foods produces long, densely packed fibers of mycelium, closely replicating the muscle structure of whole-cut meat. This breakthrough technology results in a tender, flavorful fungi steak made from just five natural ingredients, free from plant off-notes and artificial binders such as methylcellulose. The Adamo Steak is also nutritionally superior, being high in protein and fiber, with zero cholesterol, and boasts an impressive 93% reduction in greenhouse gas emissions compared to conventional beef.

“This is a pivotal moment for Adamo," stated Pierre Dupuis, Founder & CEO of Adamo Foods. "We’re thrilled to have such experienced investors with deep food-tech expertise onboard. This funding will allow us to scale our production to pilot-scale and bring our clean-label products closer to consumers.” Milo Runkle, Co-founder & General Partner at Joyful Ventures, who will join Adamo Foods’ Board, added, “Adamo Foods represents the future of alternative protein companies. We are excited to support the team in scaling their sustainable and healthy protein alternatives.”

The fresh capital will not only scale production but also expand Adamo’s team with senior food industry experts and broaden its product range to include steak and chicken breast alternatives, all while maintaining a focus on transparency and natural ingredients.

Adamo Foods has been recognized for its innovative approach, being named among '8 Great British Startups that are Going to Change the World' by The Grocer and 'Top 10 European Food Tech Companies to Watch in 2024' by Tech.eu.

The company is preparing for its first product launch with a limited pilot in the UK, followed by a broader rollout across Europe.