New FoodTech company, Adamo Foods has successfully obtained €1.8 million in funding to support the launch of its mycelium-based steak alternative. As the demand for meat substitutes continues to rise, Adamo Foods aims to address the scarcity of high-quality products that replicate the texture and taste of whole cuts of meat such as steaks, filets, and chops.
Traditionally, plant-based alternatives have struggled to accurately mimic the complex muscle texture found in whole-cut meats. This has left consumers disappointed with the available options and created a significant gap in the plant-based market, where whole cuts constitute a staggering 85% of the $1.2 trillion real meat industry but remain underrepresented in the plant-based segment.
Through cutting-edge fermentation techniques, Adamo Foods has successfully cultivated mycelium into long and dense fibers that align to form the characteristic "grain" found in steaks and chicken filets. This proprietary method aims to appeal not only to vegans but also to meat enthusiasts seeking a sustainable and healthier alternative. The company's flagship product, Europe's first ultra-realistic steak alternative, is set to be unveiled for public tastings in late 2023.
To further support the development and scaling up of its unique products, Adamo Foods has secured €1.8 million in funding. The company's success began with a pre-seed investment from SFC Capital, a leading UK seed-stage investor and the third venture capital firm to back the innovative food tech company.
Additionally, Adamo Foods has been awarded two significant grants from Innovate UK, as part of the 'Better Food for All' and 'Novel Low Emission Food Production Systems' competitions. These grants will facilitate collaborations with research partners to enhance the nutritional profile of mycelium by biofortifying specific micronutrients found naturally in the fungi. The aim is to replicate the nutritional benefits of beef without the associated environmental and dietary concerns. Furthermore, Adamo Foods will focus on developing processes to scale up its proprietary fermentation and formulation methods from the laboratory to pilot scale, effectively preparing the company for a successful product launch.
Highlighting its commitment to innovation and industry leadership, Adamo Foods recently showcased its pioneering technology at the First International Cellular Agriculture Conference in Helsinki. The company was also selected as a finalist in the prestigious Coller Startup Competition 2023, where it will have the opportunity to pitch its revolutionary steak alternative.
Adamo Foods' breakthrough in creating a realistic whole-cut meat substitute opens up a world of possibilities for the future of sustainable and healthy food options. With their vision and pioneering technology, Adamo Foods is set to make a significant impact on the food industry by providing consumers with a delicious and sustainable alternative to traditional meat cuts.