The Protein Brewery nets €30M to scale sustainable fungi-based proteins

The Protein Brewery, scaling fungi-based food ingredients in the Netherlands, has closed its €30 million (~US$35.2 million) Series B round, transitioning into the next phase of growing its commercial presence. The capital will expand production of the company’s proprietary mycoprotein, Fermotein, while scaling its innovation platform to serve global food manufacturers. 

Fermotein is a high-fiber, high-protein ingredient designed to “integrate seamlessly” into baked goods and snacks, dairy alternatives like yogurts, and nutritional products like protein shakes, functional bars, and meal replacement drinks. The solution is tasteless and odorless.

The Protein Brewery positions itself as price-competitive compared to many alternative proteins that require high capital investment, highlighting Fermotein’s significantly less capital-intensive production that allows more cost-efficient scaling.

Denmark-based Novo Holdings led the 2020 Series A investment round of €22 million (around US$25.9 million) in The Protein Brewery. At the end of last year, the company had total assets under management of €142 billion (around US$167 billion).

“This funding is a springboard for global expansion. With Fermotein, we are not just offering another protein — we are redefining how food is made: nutritious, sustainable, and scalable at a lower cost. The Protein Brewery is ready to lead the protein and fiber transition,” says Thijs Bosch, CEO of The Protein Brewery.

“We are now entering a defining moment: all building blocks of operation are in place, and we are ready to accelerate.”

Thomas Grotkjær, partner at investor Novo Holdings, adds: “The Protein Brewery has built the infrastructure, laid the groundwork, and is now positioned to bring biotech-driven food innovation to the global stage. This funding fuels its ability to drive real impact in the food industry.”

Mycelium protein takes over

The Protein Brewery was founded in 2020 and completed its Series A funding round four years ago. The company has access to a broad toolbox, including molecular biology, fermentation, analytical tools, and downstream processing technologies.

The Protein Brewery is launching its Fermotein product in the US, expanding in Singapore, and planning future launches in the EU and UK.The company will launch Fermotein through partnerships with several customers in the US in the coming months and is also expanding its business in Singapore. The commercial team is preparing for market launch in the EU and UK, which will follow regulatory approvals.

The new funding will expand production at the company’s Mijkenbroek, Breda facility in the Netherlands. It will further develop the Fermotein innovation platform, “unlocking new possibilities in nutrition and product applications.”

Beyond its high-protein and fiber focus, The Protein Brewery is exploring Fermotein’s role in satiety and metabolic health, particularly GLP-1 pathways.

“We see this as a defining moment — not just for The Protein Brewery, but for the next generation of the food ecosystem. The future of protein is about quality, nutrition, and sustainability, and this funding ensures we will play a key role in that future,” says Bosch.

Investors take on the future of food

The round welcomed new investors Invest-NL and the Brabant Development Agency (BOM), alongside existing investors Novo Holdings, Unovis Asset Management, and Madeli.

Daan Meijer, Investment Manager at Invest-NL, highlights The Protein Brewery’s relevance in cementing the Netherlands’ food innovation leadership. “As a Dutch company driving the protein transition, The Protein Brewery is setting a new standard in sustainability, a vision we are proud to support.”

“We’ve supported The Protein Brewery since its inception, and seeing it scale from an idea into a full-fledged operation is remarkable,” adds Daan van Lange, senior investment manager and team lead of Climate Tech at the BOM.

“The Protein Brewery is a prime example of how local innovation can have a global impact. And it’s happening in Brabant. The Scale-Up Plant of Europe: a leading powerhouse for foodtech scale-ups and innovation.”