1 The EIC Accelerator Project
The EIC Accelerator Program: An In-Depth Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support innovative startups and small to medium-sized enterprises (SMEs) in Europe. This initiative primarily targets deep-tech ventures, aiming to foster the development and scaling of groundbreaking technologies that can address pressing societal challenges. The program provides a unique blend of financial support, combining grants and equity investments to help companies transition from early-stage innovation to market-ready solutions.
Funding Structure
The EIC Accelerator offers blended finance, which includes both grant funding and equity investment. The grant can reach up to €2.5 million, serving as a non-repayable contribution to cover the costs of research, development, and market implementation. This funding is designed to mitigate the high risks associated with developing innovative technologies.
In addition to the grant, the EIC Accelerator provides equity investments of up to €15 million until 2024, which helps companies secure additional funding to scale operations and penetrate markets effectively. Since 2025, this equity investment cap has been adjusted to €10 million. This financial structure allows startups to leverage public funding to attract private investment, creating a more robust financial foundation for growth.
Purpose and Impact of the EIC Accelerator
The EIC Accelerator aims to bolster the European startup ecosystem by enabling innovative companies to thrive in competitive markets. By providing crucial funding and support, the program helps companies scale their operations, refine their business models, and ultimately achieve commercial success. This initiative not only fuels technological advancement but also contributes to job creation and economic growth across Europe.
By bridging the gap between early-stage innovation and market readiness, the EIC Accelerator plays a vital role in attracting private-sector investment. The credibility that comes with EIC funding can enhance a startup's appeal to potential investors, thereby increasing the chances of securing further financing.
Case Study: Mushlabs GmbH
Company Overview Mushlabs GmbH, a German startup, emerged as a winner in the EIC Accelerator program with its innovative project, Mushlabs. The company focuses on utilizing biotechnology to develop sustainable food alternatives derived from the roots of mushrooms. This project received significant backing from the EIC Accelerator, reflecting its potential to make a substantial impact on food sustainability.
Project Mushlabs The Mushlabs project aims to revolutionize the food industry by creating next-generation food products that are not only nutritious but also environmentally friendly. By harnessing the unique properties of mushrooms, Mushlabs seeks to address the growing demand for sustainable food sources while reducing the ecological footprint associated with traditional agriculture.
Technology Background
The technology behind Mushlabs revolves around the innovative use of mycelium, the root structure of mushrooms. Mycelium is known for its rapid growth and ability to absorb nutrients from its surroundings, making it an ideal candidate for creating sustainable food products. The biotechnological processes employed by Mushlabs involve cultivating mycelium under controlled conditions, allowing for the production of high-protein, low-carbon food ingredients.
This methodology not only provides an alternative to conventional protein sources—such as meat and dairy—but also contributes to the reduction of greenhouse gas emissions. By tapping into the natural growth capabilities of mushrooms, Mushlabs is positioned to offer nutritious food options that can meet the needs of a growing global population while promoting sustainability.
The EIC Accelerator funding has enabled Mushlabs to refine its production processes, scale its operations, and enhance its market readiness. The support received has been instrumental in facilitating further research and development, ultimately paving the way for the commercial launch of their innovative food products.
In summary, the EIC Accelerator program serves as a crucial pillar of support for deep-tech startups like Mushlabs GmbH, enabling them to transform innovative ideas into viable market solutions. Through the provision of blended finance, the program not only promotes technological advancement but also fosters a sustainable and economically vibrant European startup ecosystem.
2 The Funding Rounds
Mushlabs GmbH (Infinite Roots): Financing and Funding Overview Since EIC Accelerator Win
Company Background and Name Change
Mushlabs GmbH, a German biotech company specializing in mycelium-based food products, rebranded as Infinite Roots in 2023–2024. The company submitted its successful EIC Accelerator proposal on March 23, 2022, and has since achieved significant funding milestones.
Financing Raised & Total Funding
Since winning the EIC Accelerator award:
Funding Rounds: Timing & Amounts
Series A Round
- Timing: August 2020
- Amount: Over $10 million (total funding at this stage was reported as $12.2 million)
- Notable Investors: VisVires New Protein led the round.
Series B Round
- Timing: Announced January 25–26, 2024
- Amount: €53 million / $58 million
- This is described as the largest European investment in mycelium technology to date.
- Brought total funds raised by Infinite Roots to approximately $73–86.8 million depending on currency conversion and reporting sources.
- Purpose of Funding: To scale fermentation platform technology, expand production capacities using an asset-light model (contract manufacturing), advance commercial launch activities globally, and accelerate growth into new markets.
Investor Information: Series B Lead & Participants
Lead Investor:
Other Key Investors:
- European Innovation Council Fund (EIC Fund) — supported through direct equity investment after success in the EIC Accelerator program.
- REWE Group — Germany’s second-largest food retailer.
- Betagro Ventures — innovation unit of Thailand’s Betagro Group.
Returning/Existing Investors:
Clay Capital
FoodLabs
Redalpine
Simon Capital
Happiness Capital
These investors bring sector expertise—particularly HRH for international consumer goods scaling and REWE for retail distribution—with a focus on launching sustainable food solutions globally.
Valuation Information
No explicit public valuation figure was disclosed for Mushlabs/Infinite Roots during these rounds. However:
Given that this was Europe’s largest mycelium tech round—and considering industry comparables—Infinite Roots is likely valued well above prior alt-protein startups at similar stages but no confirmed number is available from cited sources.
Exit Events: IPO or Acquisition Status
As of April 30, 2025:
There have been no publicly announced exit events such as an IPO or acquisition involving Mushlabs/Infinite Roots since their Series B fundraising round. The company continues to operate independently with strong financial backing from both strategic corporates and venture capital investors.
Summary Table – Recent Major Funding Rounds
| Round | Date | Amount Raised | Lead Investor(s) | Other Notable Investors |
|---|---|---|---|---|
| Series A | Aug 18, 2020 | >$10M | VisVires New Protein | — |
| Series B | Jan 25–26,24 | €53M / ~$58M | Dr. Hans Riegel Holding | EIC Fund; REWE; Betagro; VCs listed above |
No public information about valuation figures or exit events has been released by Infinite Roots/Mushlabs up to April 30th 2025.
Sources
Hamburg-based biotech Infinite Roots bags €53 million Series B Infinite Roots nets $58m to scale 'asset-light' operation Record Funding For German Mycelium Startup Infinite Roots Biotech company Infinite Roots secures USD$58 Million EXCLUSIVE: Mushlabs raises $10m for sustainable alt protein derived from mycelia Types of Funding Rounds Explained Infinite Roots closes $58m Series B funding round - FoodBev Media Unreasonable Group profile – InfiniteRoots/Mushlabs tech.eu coverage – Largest European Mycelium Investment3 The Press Releases
Mushlabs GmbH (Now Infinite Roots®) Post-EIC Accelerator Funding DevelopmentsFollowing its 2022 EIC Accelerator win, Mushlabs GmbH (rebranded as Infinite Roots® in November 2023) accelerated its mission to revolutionize sustainable food production using mushroom mycelium fermentation. Key advancements include:
Partnerships & Infrastructure
- Bitburger Brewery Group Collaboration: In July 2022, Mushlabs partnered with Bitburger to leverage brewery side streams (e.g., spent grains) as feedstock for mycelium cultivation, enhancing circular economy practices.
- Industrial Scaling: The EIC funding supported scaling proprietary liquid fermentation technology to industrial levels, enabling decentralized production models.
Technology & Sustainability
- Mycelium Fermentation: The company’s patented process grows edible mushroom roots in bioreactors using agricultural byproducts, yielding protein-rich biomass with a savory umami flavor. This method reduces water use by 97% and CO₂ emissions by 90% compared to traditional meat production.
- Clean-Label Products: Developed minimally processed mycelium-based ingredients for meat alternatives and functional foods, emphasizing complete proteins and prebiotic fibers.
Team & Rebranding
- Corporate Evolution: Transitioned from Mushlabs to Infinite Roots® in late 2023, reflecting maturation into a global foodtech leader. The Hamburg-based team expanded to ~70 employees across 25 nationalities.
- Leadership Vision: CEO Dr. Mazen Rizk emphasized the rebrand as a commitment to "limitless applications of mycelium" for addressing food security and climate challenges.
Funding & Commercialization
- Series B Success: Secured $58 million in January 2024 post-rebranding to accelerate R&D and global market expansion.
- Product Launch: Debuted consumer brand MushRoots in April 2025 under Infinite Roots®, targeting foodservice channels with chef-driven mushroom-based dishes.
Sources
Mushlabs Partners with Bitburger Brewery | EIC Project Overview | Rebrand Announcement | Series B Funding Update | EIC Accelerator Award Details
4 The Technology Advancements
Current Capabilities of Mushlabs GmbH
Mushlabs GmbH, now rebranded as Infinite Roots, is a German biotech company specializing in the production of sustainable food products using mycelium, the root structure of mushrooms. Their mission is to transform the global food system by leveraging mycelium's potential for healthier and more environmentally friendly food alternatives.
Advancements Since Receiving EIC Accelerator Funding
Since receiving the EIC Accelerator funding in March 2022, Infinite Roots has made significant advancements in their technology and market presence. Most notably, they have expanded their operations and rebranded to reflect a deeper commitment to sustainability and food security.
Technology Improvements
Infinite Roots employs a proprietary liquid fermentation technology to cultivate mycelium, using sidestreams from the agri-food industry. This process is highly circular, reducing land, water, and CO2 usage significantly. There is no specific mention of new technological features, but the company continues to refine its processes for industrial-scale production.
Market Demonstration
The company has demonstrated its technology through partnerships and industrial-scale production. They have agreements with global partners to scale their solutions and are actively involved in sustainable food innovation.
Intellectual Property and Publications
There is no published information regarding new patents filed or scientific studies specifically since the EIC funding. However, the company continues to evolve and refine its products, indicating ongoing research and development efforts.
Rebranding and Financial Developments
In November 2023, Infinite Roots unveiled its new corporate identity, marking a transition from an emerging startup to a mature corporate phase. Following this, in January 2024, they secured $58 million in Series B funding to further boost R&D and expand their product line.
Sources: - Infinite Roots Sustainability Report 2023
- Infinite Roots: The Revolutionary Role of Mycelium
- Using Biotechnology to Create Sustainable Foods
- Mushlabs Becomes Infinite Roots
- Mushlabs Makes Mushrooms the Food of the Future
- A New Chapter in Sustainable Food Innovation
- Using Biotechnology to Create Sustainable Foods
5 The Partnerships and Customers
Mushlabs GmbH (Now Infinite Roots): Partnerships, Customers, and Market Positioning
Mushlabs GmbH, now rebranded as Infinite Roots, is a German biotech company that has been at the forefront of sustainable food innovation using mycelium technology. Since receiving EIC Accelerator funding in March 2022, Infinite Roots has continued to expand its partnerships and market presence.
Partnerships
Infinite Roots has established significant partnerships in the food and beverage industry:
- Bitburger Brewery Group: This collaboration involves utilizing brewery byproducts to cultivate edible mushroom mycelium, contributing to a circular economy in Europe. The partnership aims to create nutrient-rich foods while reducing waste.
- Pulmuone: Infinite Roots is collaborating with Pulmuone, a leading South Korean food manufacturer, to develop mycelium-based protein products. This partnership highlights Infinite Roots' expansion into international markets and its focus on sustainable plant-based proteins.
- Dr. Hans Riegel Holding (Haribo Brand Owner): This major investor led a $58 million Series B funding round for Infinite Roots, demonstrating significant support for the company's mycelium technology. Other investors include REWE Group and Betagro Ventures, further solidifying Infinite Roots' position in the global food industry.
Customers
While specific customer names are not widely disclosed, Infinite Roots' partnerships suggest that its products are aimed at consumers seeking sustainable and innovative food alternatives. The collaboration with Pulmuone indicates that Infinite Roots is targeting both European and Asian markets.
New Partners and Customers
New partners include:
- Dr. Hans Riegel Holding
- REWE Group
- Betagro Ventures
Specific new customers are not detailed, but the partnerships indicate an expansion into broader consumer markets.
Nature and Purpose of New Relationships
The new relationships are focused on leveraging the potential of mycelium technology to create sustainable food products. These partnerships help Infinite Roots:
- Scale Operations: The funding from new investors will help expand production capabilities and launch activities worldwide.
- Advance Technology: Collaborations with industry partners and research institutions will accelerate technological developments in mycelium-based food production.
Market Positioning
Infinite Roots is positioning itself as a leader in sustainable food innovation. The company's rebranding and new partnerships underscore its commitment to transforming the global food system through mycelium technology. The involvement of major investors like Dr. Hans Riegel Holding highlights the confidence in Infinite Roots' vision and technology.
Technology Advancements and Scaling
The partnerships and funding will enable Infinite Roots to enhance its technology by investing in research and development. This will allow the company to scale its operations more efficiently, meeting the increasing demand for sustainable food alternatives. The collaboration with industry leaders also contributes to advancing mycelium technology, making Infinite Roots a key player in the sustainable food sector.
Sources
- Mushlabs raises $10m for sustainable mycelium
- Infinite Roots: Partnering with Pulmuone
- Biotech company Infinite Roots secures $58 million USD
- Bitburger Brewery Group and Mushlabs announce collaboration
- Infinite Roots: A New Chapter in Sustainable Food Innovation
- Haribo brand owner leads Europe's largest mycelium tech financing
6 The Hiring and Company Growth
Mushlabs GmbH (now Infinite Roots®): Growth and Team Dynamics Post-EIC Accelerator Funding Mushlabs GmbH, a Berlin-based biotech company rebranded as Infinite Roots®, has undergone significant growth since its founding in 2018. Specializing in mycelium fermentation for sustainable protein production, the company has expanded its team and operations considerably after securing funding rounds, including a notable $58 million investment in 2024.Team Growth and Hiring
- Current headcount: Over 60 employees globally, with teams spanning 25 nationalities and 55% female representation.
- Recent hiring focus: Roles emphasize market strategy, product development (e.g., food science), and fermentation process engineering. Job postings as of April 2024 highlight needs for market analysts, social media managers, and cross-functional collaborators to drive product commercialization.
- Scaling trajectory: The team grew from ~11 employees in mid-2020 to over 60 by late 2024, reflecting increased production capacity and international expansion plans.
Key Leadership & Management Changes
The core leadership remains intact:- Mazen Rizk (CEO): Co-founder leading strategic direction since inception.
- Thibault Godard: Chief Science Officer overseeing microbial biotechnology research.
Strategic Impact of New Hires
Recent recruits aim to:The $58 million funding round—the largest European mycelium investment to date—will support “asset-light” scaling via partnerships rather than vertical integration, reducing capital expenditure while expanding output.
Sources
- Mushlabs Information - RocketReach
- Infinite Roots’ Story
- Startbase Profile
- Unreasonable Group Overview
- AgFunderNews Funding Report
- CAREERS AT INFINITE ROOTS®
7 The Media Features and Publications
Media Features and Public Engagement of Mushlabs GmbH (Now Infinite Roots) Mushlabs GmbH, a Hamburg-based biotech company specializing in mycelium-based food innovation, has gained significant media traction and industry recognition since securing eight-figure funding from the EU’s EIC Accelerator program in June 2022. The company rebranded as Infinite Roots in November 2023, reflecting its expanded vision for sustainable food systems.Publications and Media Coverage
Numerous outlets have highlighted Mushlabs’ fermentation technology and sustainability impact:
- AgFunderNews detailed its $10M Series A funding in 2020 for scaling mycelium production using agricultural sidestreams.
- Protein Report emphasized its EIC Accelerator win, noting the EU’s focus on startups addressing global food challenges.
- vegconomist covered the rebranding to Infinite Roots, underscoring its circular production model that reduces water use by 97% and CO₂ emissions by 90%.
Podcasts and Interviews
CEO Dr. Mazen Rizk has actively promoted the company’s mission through media engagements:
- A YouTube interview (2022) showcased Mushlabs’ fermentation process and vision for resilient food systems.
- In a J.P. Morgan podcast (July 2024), Rizk discussed scaling mycelium tech to address global food security challenges post-rebranding as Infinite Roots.
Conference Participation
Mushlabs has been a key voice at industry events:
Sources Used in This Article [Unnumbered Bullet List]
- Mushlabs raises $10m for sustainable mycelium alt-protein – AgFunderNews (Aug 2020)
- YouTube interview with Dr. Mazen Rizk – YouTube (Nov 2022)
- German biotech startup Mushlabs receives millions in EIC funding – Protein Report (Jun 2022)
- Mushlabs Becomes Infinite Roots – vegconomist (Nov 2023)
Note: The J.P. Morgan podcast was recorded July 31, 2024; publicly released August 8.
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