MyForest Foods raises $15m in Series A-2 to expand availability of MyBacon

MyForest Foods Co., the company behind the innovative mycelium-based meatless bacon product, MyBacon, has successfully secured $15 million in Series A-2 funding.

The investment, led by Ecovative Design, MyForest Foods’ parent company, will fuel the next phase of growth and facilitate broader consumer access to MyBacon across the East Coast.

The majority of the funds will be utilized to support MyForest Foods’ expansion in retail and foodservice channels, particularly along the Eastern Seaboard and in prominent locations like New York City. Currently available in multiple Fairway Market and Gourmet Garage stores throughout Manhattan, MyBacon has achieved a significant milestone by reaching over 100 retail locations in the Northeast.

To strengthen the company’s leadership team during this critical growth period, MyForest Foods has appointed Greg Shewchuk as the new Chief Executive Officer, effective immediately.

Eben Bayer, the company’s co-founder and former CEO, will transition into the role of Chairman of the Board while continuing to support operational expansion. Bayer will also maintain his position as CEO of Ecovative, which focuses on developing and scaling mycelium-based products to meet diverse everyday needs.

Eben Bayer said: “MyForest Foods was founded by a team of innovators with a passion for growing mycelium, an insight into how to grow whole-cut meats, and a vision to eliminate factory farming. Having proved the viability and consumer demand for our flagship MyBacon product, now is the optimal time to bring on an experienced industry leader as we move to commercial scale.”

The demand for MyForest Foods’ unique mycelium-based offerings stems from consumer satisfaction with its delicious products and eco-friendly mission. MyBacon, in particular, is produced using a fraction of the land, water, and carbon compared to conventional pork production methods.

MyForest Foods raises $15m to expand availability of its mycelium-based meatless bacon product MyBacon. Photo courtesy of Business Wire.

Leveraging the innovative AirMycelium farming technology, MyBacon offers a plant-based, whole-cut alternative, fulfilling a significant market gap and bolstering a new industry category.

Driving its expansion, MyForest Foods operates a mycelium farm named Swersey Silos, which has experienced rapid production scaling since its establishment in July 2022. Additionally, the company is in the process of launching a second farm in Canada through a partnership with Whitecrest Mushrooms Ltd.

With the latest funding round, MyForest Foods is poised to accelerate its market presence and make sustainable, plant-based alternatives more accessible to a wider consumer base. The investment not only supports the growth of MyBacon but also reinforces the company’s commitment to revolutionizing the food industry with environmentally friendly mycelium-based products.

Greg Shewchuk — MyForest Foods CEO said: “MyForest Foods has impressed me with its high-quality, delicious meatless products that support consumers’ ​​desire for more eco-conscious food choices. There’s a reason why MyBacon was recognized by TIME and Fast Company as one of the most innovative food inventions on the market today.

“With this new funding and renewed commitment from our investors, my goal is to double down on our marketing and sales functions to take the MyForest Foods brand to the next level.”