Agrifoodtech startup MicroHarvest has raised €1.5 million from Simon Capital, announcing that the new partnership will “strengthen the teams’ operational know-how” along with providing funding.
The raise coincides with the opening of MicroHarvest’s new office in Lisbon on May 4. The company will now be based in both Hamburg and Lisbon, and is building a pilot plant in the latter city to produce prototypes and accelerate research.
Highly efficient protein
MicroHarvest produces fermentation-enabled protein using a proprietary technology based on biomass fermentation. The protein can be produced in just 24 hours from input to output, using a fraction of the resources required for many other alternative proteins. The company has already successfully scaled to a production rate of 300kg per day.
According to MicroHarvest, there are several possible applications for the technology, including human food, pet food, and animal feed. The company received a BloombergNEF Pioneers Award last month in recognition of its innovation.
In September, MicroHarvest secured €8.5 million in a Series A round led by Astanor Ventures. The total amount raised by the company now stands at €10 million.
MicroHarvest reports that production is currently being ramped up in collaboration with a contract manufacturing partner, with the aim of launching commercially by the end of the year.
“Simon Capital doesn’t just bring extra funding: through them, we gain access to an incredibly experienced team who understands the ins and outs of a manufacturing company in the food and beverage space. We share a result-oriented mindset and are purpose-driven, with the bold ambition of building a resilient food system. I believe this combination of operational and cultural match is what makes this partnership a critical milestone for our company’s success,” said Katelijne Bekers, MicroHarvest co-founder and CEO.