Adamo Foods, a UK-based food tech startup, has successfully raised $2.5 million in seed funding to propel its mission of bringing the first ultra-realistic beef steak alternative made from fungi to market. The company, founded by Pierre Dupuis, aims to meet the growing consumer demand for healthier, higher-quality, and more sustainable meat alternatives.
Innovative Mycelium-Based Steak
Adamo Foods’ flagship product is a fungi-based steak created through a proprietary fermentation process that produces long, densely packed fibres of mycelium. This technique closely mimics the muscle structure of traditional whole-cut meat, resulting in a steak that the company describes as "tender and flavourful." Unlike many plant-based alternatives, Adamo’s steak is made from just five natural ingredients and is free from artificial binders like methylcellulose, offering a cleaner label product.
The company claims its fungi steak is nutritionally superior, boasting high levels of protein and fiber with zero cholesterol. Additionally, it offers a 93% reduction in greenhouse gas emissions compared to conventional beef, aligning with the growing consumer and industry emphasis on sustainability.
Strategic Funding to Scale Production
The recent $2.5 million funding round was co-led by UK Innovation & Science Seed Fund (UKI2S), managed by Future Planet Capital, and Joyful Ventures. This investment follows a previous £1.5 million in pre-seed funding secured by Adamo last year. The new capital will enable Adamo Foods to scale its production to pilot-scale, bringing its innovative steak alternative closer to consumers.
“This is a pivotal moment for Adamo,” said CEO Pierre Dupuis. “We’re thrilled to have such experienced investors with deep food tech expertise on board. This funding will allow us to scale our production to pilot-scale and bring our clean-label products closer to consumers.”
Expansion Plans and Market Potential
Adamo Foods is not just stopping at beef alternatives. With the new backing, the company plans to expand its product range to include fungi-based chicken breast alternatives, further diversifying its offerings in the growing alternative protein market.
The company is preparing for its first product launch, beginning with a limited pilot in the UK, followed by a broader rollout across Europe. Adamo’s approach could position it as a leader in the alternative protein market, particularly in the highly competitive whole-cut meat segment.
Hassan Mahmudul, investment manager at UKI2S, noted the significance of Adamo’s innovation: “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.”
Founding Vision and Leadership
Founded by Pierre Dupuis, Adamo Foods is rooted in a vision of transforming the food industry through sustainable and nutritious alternatives. Dupuis, with his background in food innovation, has led the company’s strategic direction, focusing on creating products that not only meet consumer needs but also address pressing environmental challenges.
As Adamo Foods continues to innovate and expand, its fungi-based products could become a staple in the diets of health-conscious and environmentally aware consumers, signalling a significant shift in the global food industry.