Adamo Foods has secured a $620,000 investment to develop its steak alternative in what the company claims is a first in Europe.
The new funding comes from three different organisations. The first was UK government research and innovation department, Innovate UK, which secured Adamo Foods a smart grant. The second was Beeches Group, an agricultural investment fund backed by the owners of Noble Foods.
The company received further funding after being selected as the winner of the Shake Climate Change 2022 cohort – an annual competition led by Rothamsted research, which aims to support innovation in sustainable food production.
Pierre Dupuis, founder and CEO, said: “It’s a hugely exciting time in the alt-protein space, with meat alternatives more popular than ever. But we see a huge gap in the market for realistic and healthy alternatives to whole cuts. Whole cuts represent 85% of the $1trn meat market but are virtually absent in meat alternatives. We’re aiming to change that.”
Adamo Foods will use a proprietary fermentation process to create clean-label whole-cut steaks based on a single, natural superfood called fungal mycelium.
The mycelium strain is packed with fibre, provides a source of protein with all nine essential amino acids and is inherently fibrous, delivering a unique muscle-like structure.
Dupuis added: “We’re working on an exciting new technology to take these products to the next level, and are hugely grateful to our new investors for recognising its potential. The funding takes us one step further on our mission to remove animals from our broken food system.”
The company plans to pilot launch its first product in a limited number of UK locations in 2023.
© FoodBev Media Ltd 2024
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry. Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial
Your privacy We use small files known as ‘cookies’ to enhance your experience of the FoodBev website and analyse site-traffic. Read about how we use cookies or how you may control them in our updated privacy policy and cookie policy. If you continue to use this site, you consent to our use of cookies. Click the ‘OKAY‘ button at the top right of this panel to accept or click here for more information.