Maash – a start-up with operations in Belgium and France, focused on developing mycoprotein ingredients for the food industry – has secured a €12.5 million funding package to accelerate its next phase of growth.

The company, headquartered in Brussels, said the funding will support the launch of its demonstration plant in Carling-Saint-Avold, France, preparing the company for further scale-up of up to 10,000 tons of annual industrial production.

The package includes a €5.85 million equity raise from five new investors – Ambra Capital, InvestPro, BPIFrance Amorçage Industriel, Nordzucker and Tereos. Additionally, BPIFrance has supported with €4.3 million through its Première Usine programme, supported by France 2030, and a €2 million BPIFrance loan through its Prêt d’Amorçage Investissement.

Maash acquired the site in Carling-Saint-Avold, previously owned by former French biotechnology firm Metabolic Explorer (Metex), in 2024 after the company went into liquidation.

LoCylia is Maash’s fermentation-derived mycoprotein ingredient, made from fungi and offering a high-protein and fibre-rich solution designed for multiple food applications. As a B2B ingredient supplier, Maash said it aims to differentiate itself through ‘industrial discipline, cost competitiveness and close alignment with customer needs’.

The company aims to become a European leader in mycoprotein by combining its fermentation expertise with a ‘pragmatic approach focused on competitive capital investment and production costs’.

Gaspard Gilbert, co-founder and current managing director at Maash, said: “Acquiring the former Metex site gave us an industrial base. Over the past two years, we have worked to turn that base into a credible and executable project. This financing marks an important step in that journey: we now have the partners, resources and leadership in place to move from preparation to industrial deployment.”

In September, Maash also welcomes Samah Garringer to the role of chief executive officer. Her appointment aligns with the company’s shift into a new phase of development as it prioritises delivering the pre-industrial project and building commercial momentum.

Garringer brings more than 25 years of international experience spanning food, ingredients, nutrition and industrial scale-up. Her background includes roles at DSM, Avril Group and fellow mycoprotein specialist Enough Foods.

As part of the transition, MD Gilbert will take on the role of chief commercial officer, while also serving as acting chief finance officer.

He said that Garringer’s appointment gives Maash the “industrial, human and commercial capabilities it needs to scale”.

Commenting on her appointment, Garringer said: “I am thrilled to join Maash at this pivotal moment. Together with the team and our new partners, we will deliver the pre-industrial project, accelerate commercial rollout and build a resilient, cost-competitive platform to bring nutritious, sustainable mycoprotein to market at scale.”

Top image: © Maash