In the rapidly evolving landscape of sustainable food production, Ecovative, a company founded by mechanical engineering students Eben Bayer and Gavin McIntyre in 2007, is making significant strides with its innovative use of mycelium—the thread-like roots of mushrooms. This biotechnology firm has been on a mission to revolutionize the way we think about food and materials, leveraging the natural growth processes of fungi to create eco-friendly alternatives to traditional products.
Ecovative’s journey began with a focus on invention and experimentation, but has since transitioned to scaling up production and ensuring consistent quality. This shift is evident in their recent progress with mycelium-based products, including the Forager brand hides and MyBacon, a mycelium-based bacon produced by MyForest Foods Co, a spinoff from Ecovative in 2020.
In a candid conversation with AgFunderNews, Bayer shared insights into the company’s current status and future plans. Ecovative now operates three farms—one in New York, and two partner farms in Europe and Canada—all employing the company’s patented technology to cultivate mycelium as an industrial crop. Bayer confidently declared victory in establishing mycelium as a viable new crop, though he acknowledged the challenges still ahead in achieving full-scale deployment.
The company’s recent $30 million Series E funding round, led by Viking Global Investors, has been a crucial step in building the necessary assets for their businesses to become self-sustaining. Half of this investment was allocated to MyForest Foods, providing them with the resources to reach a breakeven point. However, Bayer anticipates the need for an additional funding round later in the year to further scale operations.
MyForest Foods’ MyBacon represents a departure from conventional fungal protein production, which typically relies on steel bioreactors and sugar feedstocks. Instead, MyForest grows mycelium ‘meat’ on beds of hardwood chips, a process that requires minimal processing. The mycelium is harvested at their Swersey Silos facility in Green Island, New York, and then flavored and packaged with only a few additional steps involved.
Despite the enthusiasm for this innovative product, Bayer admits that scaling up production has been slower than desired. He attributes this to the intricate nature of introducing a new industrial crop, emphasizing the importance of maintaining a consistent production rate to meet vendor expectations. The complexity of the supply chain and the long propagation cycles of mycelium necessitate a cautious approach.
Currently, MyBacon is available in 300 retail locations across the Northeast, boasting a simple ingredient list and a flavor profile that competes with both plant-based and premium pork bacon. The product’s success is evident in its sales velocity, which Bayer notes is twice that of the leading plant-based bacon brand.
Ecovative’s partnership with Limbraco, a conventional mushroom industry equipment supplier, marks a significant step in streamlining the harvesting process. Limbraco has adapted its expertise to create a machine tailored for harvesting mycelium slabs, which will be utilized by Whitecrest Mushrooms in Canada to convert part of their farm to Ecovative’s technology.
The hiring of food industry veteran Greg Shewchuk to lead MyForest Foods has also been transformative. Under his guidance, the company launched MyBacon version 2.0, leading to increased market presence and anticipation for expansion into chain stores.
Despite the challenges facing the alternative meat sector, Bayer remains optimistic. He believes that the downturn experienced by the industry is part of a natural cycle and that companies like MyForest Foods, offering superior value propositions, will drive a resurgence.
As for MyJerky, another mycelium-based food product from Ecovative, it is ready for launch but is being strategically held back as the company focuses on scaling MyBacon. With a clear vision and a commitment to sustainable innovation, Ecovative and its offshoots are poised to play a pivotal role in shaping the future of food.