Food tech startup Adamo Foods has closed a $2.5m (£2m) seed funding round to back its mission to introduce the first ultra-realistic beef steak alternative made from fungi to the market.
The UK-based company is hoping its product will address a growing consumer demand for “better quality, healthier, and cleaner meat alternatives”.
Adamo’s steak is made using a proprietary fermentation process to produce long, densely packed fibres of mycelium that mimic the muscle structure of whole-cut meat.
The business claims its breakthrough technology results in “a tender, flavourful fungi steak” made from just five natural ingredients, free from artificial binders such as methylcellulose.
Adamo said its steak was also “nutritionally superior” and high in protein and fibre, with zero cholesterol and a 93% reduction in greenhouse gas emissions compared with conventional beef.
“This is a pivotal moment for Adamo,” added CEO and founder Pierre Dupuis. “We’re thrilled to have such experienced investors with deep food tech expertise on board.
“This funding will allow us to scale our production to pilot-scale and bring our clean-label products closer to consumers.”
The fundraising was co-led by UK Innovation Science and Seed Fund (UKI2S), managed by Future Planet Capital, and Joyful Ventures
Milo Runkle, co-founder and general partner at Joyful Ventures, who will join Adamo’s’ board, said: “Adamo Foods represents the future of alternative protein companies. We are excited to support the team in scaling their sustainable and healthy protein alternatives.”
Adamo, which secured £1.5m in pre-seed funding last year, will also look to broaden its product range into chicken breast alternatives with the new backing.
The company is preparing for its first product launch with a limited pilot in the UK, followed by a broader rollout across Europe.
Hassan Mahmudul, investment manager at UKI2S, a national seed investment fund that supports innovative UK businesses in engineering, biology, defence, and fusion energy, said: “Adamo’s whole-cut meat product has the potential to be highly differentiated in the market compared to current plant-based alternatives. I am excited to see this product in the market.”
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