The Better Meat Co (BMC) has secured $31 million in an oversubscribed Series A funding round to expand its patented mycoprotein fermentation technology to commercial scale.

The round was co-led by Future Ventures and Resilience Reserve, with participation from Hickman’s Family Farms CEO Glenn Hickman, Epic Ventures, Sigma Ventures and other new and existing investors.

US-based BMC produces Rhiza, a shelf-stable mycoprotein ingredient made from mycelium, which can be used by both conventional meat and alternative protein manufacturers. The company says the ingredient offers improved texture, yield, fibre content and lower saturated fat compared to plant protein extrudates, while requiring fewer ingredients.

The company aims to begin selling commercial volumes of Rhiza at prices below US commodity ground beef by 2026. Future Ventures co-founder Steve Jurvetson and Glenn Hickman will join BMC’s board of directors.

BMC CEO, Paul Shapiro, said: “We’ve invented and patented our tech, received regulatory approval, scaled to a demonstration plant, and proven demand exists for Rhiza mycoprotein. It’s now time to fully commercialize and introduce our new crop that will help the protein industry cut costs and improve nutritionals, all with a much lighter footprint. I’m so proud of our team that’s led us to this critical milestone.”

Jurvetson added: “The world needs better ways to make protein, and The Better Meat Co has invented one of the most efficient – and delicious – ways to do it.”

BMC operates a 9,000-litre demonstration facility in West Sacramento, California, and plans to expand capacity roughly tenfold with the new investment.