09/08/2022

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Mushroom-primarily founded meat other startup Myth Foods raises $6.5M AUD, will get started in america – TechCrunch

Sydney, Australia-based most commonly Myth Meals pieces is essentially the most up-to-date plant-centered foodstuff startup to announce investment. The undertaking, which uses mushrooms in its meat answers, has increased $6.5 million AUD (about $4.8 million USD) in a seed round led by means of Blackbird Ventures, the Australian enterprise money group whose portfolio additionally is composed of Canva, Custom Amp and SafetyCulture. Different contributors integrated agriculture and meals tech undertaking company AgFunder, sustainability-centered Aera VC and Progressed Chew Ventures, together with Singapore-based make importer Ban Choon Web advertising and previous Sequoia Capital lover Warren Hogarth.

Myth is making plans to start out in the US by means of the belief of this 12 months. In Australia, its products are readily to be had at traders like Woolworths, Coles and Harris Farm Markets, at the side of eating places at the side of Grill’d, which now not way back commenced serving its Meaty Mushroom Burger Pattie at 136 locations. Myth’s items also are introduced at eating places in Singapore and the UK.

The startup was once based in 2019 by means of wonderful eating chef grew to become chemical engineer and mycologist (mushroom scientist) Jim Fuller, herbal and natural mushroom farmer Chris McLoghlin and Michael Fox, whose prior startup was once Shoes of Prey.

Fox, Myth’s leader govt officer, urged TechCrunch in an electronic message that once you have a vegetarian for 6 a few years, he now not way back grew to become a vegan “for a mixture of neatly being, environmental and ethical motives.”

“Chatting with my friends and circle of relatives, a great deal of individuals need to reduce their meat intake for a similar elements however they in finding it difficult because of the reality they recognize the way and texture of meat and offering it up is hard,” Fox defined. He wanted to return throughout a option to make it simpler for folks lately to changeover to plant-based most commonly meals, and spoke to more than a few cooks who urged operating with mushrooms as a basis aspect. Then Fox fulfilled Fuller and McLoghlin, who’ve been within the device of obtaining meat answers operating with mushrooms.

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“Once we glad, we known we shared the an identical values and objectives and skilled complementary ability units,” discussed Fox. “We shared a standard want to permit end commercial agriculture and required to make our meals stuff means additional moral, wholesome, sustainable and reduced its greenhouse gas emissions.”

Myth’s first answers include an alternative choice to pulled red meat, braised pork and pork brisket (Fuller grew up in Texas feeding on gradual-cooked meats and required to recreate the operating enjoy), together with a line of prepared-produced foods. The company employs shiitake mushrooms, which Fox outlined are “very flavorful with their customary umami flavors, they’re a slow-expanding mushroom in order that they in a herbal means have the fleshy fibers that give the meaty chunk you frequently get from animal proteins, and feature the right kind chemical composition that after cooked make it imaginable for us to taste flavors which are situated in animal items.”

Fable's ready-made meals

Myth’s ready-built meals. Image Credit: Myth

Fuller serves as Myth’s major science officer and the startup leverages his enjoy as a chef/chemical engineer/mycologist to construct the best combos of style, aroma and texture even though looking to stay processing and parts to a least. For instance, its braised pork selection is made with shiitake mushrooms, seven different parts and salt and pepper.

Myth additionally introduced presently it has appointed Dan Joyce, who was once prior to now safety and compliance pc tool group SafetyCulture’s customary manager of Europe, the Middle East and Africa, as major expansion officer to move global gross sales and advertising and promoting. It’s going to release within the U.S. thru a mixture of partnerships with consuming puts and meal package deal corporations.

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Different startups that use mushrooms as foundation for meat alternatives incorporate Meati and AtLast. Fox discussed a significant variance is that folks two startups ferment mycelium, or the basis composition of fungi, moderately of creating use of mushrooms, that are the fruiting frame of fungi.

Myth’s new investment might be implemented for analysis and construction, expanding its output and production capacity in Australia and different global places. The trade is conserving its merchandise pipeline beneath wraps for now, however Fox reported it choices to construct mushroom-centered substitutes for red meat, hen, lamb and different animal proteins.