MyForest Foods uses proprietary mycelium and AirMycelium™ farming technology to grow whole-cut, meatlike products; its flagship MyBacon is a mycelium-based meatless bacon. MyBacon is commercially available in over 100 retail locations across the Northeast and at multiple Fairway Market and Gourmet Garage stores in Manhattan. The company opened its Swersey Silos mycelium farm in July 2022 and has rapidly scaled production; it is also launching a second farm in Canada with Whitecrest Mushrooms Ltd. The $15 million Series A-2 raise is intended to support retail growth and expand the company’s foodservice presence across the Eastern Seaboard, including New York City. Leadership was updated with Greg Shewchuk named CEO while co-founder Eben Bayer remains chairman of MyForest Foods and continues as CEO of Ecovative. MyForest Foods produces sustainable, whole-cut plant-based meat alternatives using mycelium, the root structure of mushrooms, to grow nutrient-rich fibers that replicate meat textures and mouthfeel. Its first product, MyBacon, is a six-ingredient bacon alternative the company says delivers the taste, crunch and sizzle of pork bacon. MyForest is selling MyBacon direct-to-consumer and was available at the Honest Weight Food Co‑Op in Albany, NY, with wider availability expected in 2022. The company is an affiliate of Ecovative and is backed by Viking Global Investors and AiiM Partners. MyForest says it intends to develop additional whole-cut plant-based products and create a new category of whole-cut alternatives. Proceeds from the recently announced financing will be used for growth and working capital.

Total raised

$30M

Funding rounds

2

Latest round

Series A

Latest activity

Jun 2023