Adamo Foods secures $2.5M for Clean-Label Mycelium Steak Launch
Adamo Foods, a foodtech startup from the UK, has secured $2.5 million in seed funding, co-led by UK Innovation Science and Seed Fund (UKI2S), Future Planet Capital, and Joyful Ventures. This investment will accelerate Adamo’s efforts to launch the first ultra-realistic beef steak alternative made from fungi, catering to the rising demand for healthier, higher-quality meat substitutes.
Adamo’s innovative steak aims to revolutionise the whole-cut meat alternatives market, which has remained stagnant despite whole-cuts representing 85% of global meat consumption. As plant-based meat sales fluctuate, consumer surveys reveal a growing desire for more authentic, clean-label products, with 81% expressing concerns over ultra-processed foods.
Utilising a proprietary fermentation process, Adamo Foods creates long, densely packed mycelium fibres that mimic the texture and muscle structure of traditional meat. The result is a tender, flavourful fungi steak made from just five natural ingredients, free of plant off-notes and artificial binders like methylcellulose. Nutritionally, the Adamo Steak is rich in protein and fibre, contains zero cholesterol, and achieves a 93% reduction in greenhouse gas emissions compared to conventional beef.
Pierre Dupuis, Founder and CEO of Adamo Foods, commented: “This is a pivotal moment for Adamo. We’re thrilled to have such experienced investors with deep foodtech expertise on board. This funding will allow us to scale our production to pilot-scale and bring our clean-label products closer to consumers.”
Milo Runkle, Co-Founder and General Partner at Joyful Ventures, who will join Adamo Foods’ Board, added: “Adamo Foods represents the future of alternative protein companies. We are excited to support the team in scaling their sustainable and healthy protein alternatives.”
Hassan Mahmudul, Investment Manager at UKI2S 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.”
The fresh capital will not only scale production but also expand Adamo’s team with senior food industry experts and broaden its product range to include steak and chicken breast alternatives, all while maintaining a focus on transparency and natural ingredients.
Adamo Foods has been recognised for its innovative approach, being named among “8 Great British Startups that are Going to Change the World” by The Grocer and “Top 10 European Food Tech Companies to Watch in 2024” by Tech.eu. The company is preparing for its first product launch with a limited pilot in the UK, followed by a broader rollout across Europe.
