Libre Foods Joins Planetary: A Strategic Exit in Europe's Mycelium Meat Market

Libre Foods, the Spanish startup known for its fungi-based bacon and whole-cut mycelium chicken prototypes, has sold its brand, IP, and key assets to Swiss fermentation firm Planetary. While terms of the deal remain undisclosed, the acquisition reflects a broader shift in Europe’s alternative protein space, where scale and infrastructure are increasingly seen as barriers to success.

The deal includes Libre’s fermentation technology, commercial agreements, and its AI-led R&D platform. Although some team members are involved in the handover, founder Alan Iván Ramos confirmed they won’t be joining Planetary permanently.

Image credits: Libre

Access to Infrastructure, Not Just Capital

Libre Foods had made fast progress since launching in 2022. Its mushroom-based bacon debuted in Spanish markets and was briefly stocked in over 30 retail locations. The startup later unveiled a whole-cut mycelium chicken prototype and secured a €335,000 Neotec grant to develop a low-cost mycelium protein ingredient.

But as the company moved from R&D to pilot scale, it faced a challenge familiar to many in the alternative protein sector: accessing fermentation infrastructure without burning cash. According to Ramos, the shift toward manufacturing required a major pivot away from the team’s core capabilities. Rather than raise capex-heavy funding rounds, Libre opted for acquisition.

"We were happy with the work we’d done at both lab and pilot scale... but realised that the most effective way for our technology to realise its impact was through collaboration," Ramos told Green Queen Media.

Image credits: Planetary

Planetary emerged as a natural fit. The Swiss firm operates continental Europe’s only active industrial mycoprotein plant and is building a modular fermentation platform, BioBlocks, designed to help food and materials startups scale. Libre’s fermentation and AI infrastructure aligns with Planetary’s ambitions to combine ingredient discovery with commercial manufacturing.

AI + Fermentation: Matching Strains to Flavours

Libre's proprietary platform, Fungi.AI, was developed in partnership with Microfy Systems and Software Logistik Artland. The tool enables high-throughput screening and real-time monitoring, allowing researchers to test fungal strains and fermentation conditions faster.

In 2024, Libre scaled its technology to pilot level and entered industrial trials. The company also expanded its fermentation capabilities beyond its original bacon formulation to explore broader ingredient solutions based on underutilised fungal strains.

This complements Planetary’s existing focus. "We seek to continuously build and strengthen our BioBlocks platform," said Planetary CFO Charles Pontvianne. The acquisition allows Planetary to integrate Libre's capabilities into its own stack, boosting both the diversity of fungi-derived ingredients and the speed at which they can be developed.

A Sector Under Pressure

Libre’s exit comes amid ongoing consolidation in the alternative protein space. While fermentation startups saw a 43% rise in funding in 2024, the sector overall declined by 27%. Venture-backed firms like Arkeon and Mycorena have faced financial distress, and U.S.-based Meati was sold off following a technical loan default.

Image credits: Libre

Libre’s lead investor, Green Generation Fund, will now join Planetary’s investor base. According to principal Peter Dorfner, the move offers a pathway to scale Libre’s innovations more effectively: "With Planetary’s unmatched infrastructure... we believe they are the ideal home to carry Libre’s product innovation from lab to scale."

In parallel, Planetary is positioning itself as a leading contract manufacturer for new protein companies, combining ingredient IP, process know-how, and fermentation infrastructure under one roof.

Lessons from the Field

Reflecting on the deal and broader market challenges, Ramos offered a frank assessment: "As the visionaries and pioneers that we consciously and unconsciously agreed to be... we do bear some responsibility for the current state of the industry."

But he also warned against misplacing blame: "It is highly unrealistic to place all the responsibility on the founders, teams and solutions that were brought forth."

His advice to fellow founders? Focus on building sound businesses that can deliver impact, rather than relying on impact to justify business models. "It is more difficult to build a sound business around impact, than it is to build impact around a sound business," Ramos said.

Libre Foods may no longer be independent, but its IP and insights are now part of one of Europe’s most advanced fermentation platforms. As industry headwinds persist, the deal underscores a core theme in today’s alternative protein market: alignment with infrastructure is no longer optional. It’s the foundation.