Vancouver-based Maia Farms, recent winner of the Canadian grand prize in the Deep Space Food Challenge alongside partner Ecoation, has successfully secured CAD2.3 million ($1.7 million) in pre-seed financing. The funding, a blend of private capital and grant support, is set to propel its fungi-based biomass fermentation operation to new heights.
Led by Joyful Ventures, PIC Group, and Koan Capital, with additional support from angel investors within the Creative Destruction Lab, the investment signifies a significant milestone for Maia Farms. Additionally, the company has secured grant funding from various esteemed institutions including the Canadian Food Innovation Network, the National Research Council of Canada, The SFU BC Centre for Agritech Innovation, MITACS, and the Canadian Space Agency.
Gavin Schneider, cofounder and CEO of Maia Farms, expressed enthusiasm about the funding, emphasizing its pivotal role in scaling up the company's production platform. Schneider highlighted the potential of their technology, asserting its ability to deliver "significantly higher yields" compared to other players in the mycoprotein space.
Maia Farms stands out by utilizing mycelium from an edible mushroom variety, a factor that eases the regulatory process due to the long history of consumption of such mushrooms. Schneider refrained from disclosing specific details about the strains used but emphasized their superior yield in comparison to traditional mold species.
The mycelium ingredient, boasting a neutral taste, 66% protein content, and notable amounts of fiber, iron, and calcium, presents a versatile option for various food applications. Schneider outlined the company's plans to commercialize the product, with blended offerings currently available and pure mycelium products anticipated by 2025.
Jennifer Stojkovic, general partner and cofounder of Joyful Ventures, commended Maia Farms' innovation and agility in product development. She expressed optimism about Canada's potential to emerge as a leader in the mycelium space and affirmed Joyful Ventures' commitment to supporting the company's journey.
Currently, Maia Farms is in the pilot phase with two contract development manufacturing organization (CDMO) facilities, testing a liquid fermentation process for growing mycelium. Schneider revealed that part of this initiative is funded through the National Research Council of Canada under the Sustainable Protein Program, highlighting the project's significance in advancing sustainable protein sources.
