News
MYCO receives £1.5m investment as it prepares to launch first product range
MYCO’s plant-based protein, Hooba, is produced from vertically farmed oyster mushrooms grown at the firm’s production site in Leeming Bar, North Yorkshire.
The manufacturer moved into the new site at the end of 2023 and following the recent cash injection has been able to move into full production.
According to MYCO, the purpose built 20,000 square feet complex is the only site in Great Britain where the protein is both farmed and produced under the same roof, which enable the brand to produce zero food miles.
Commenting on the new investment, MYCO chair John Shepherd described the funds as a “real game-changer” that had allowed the firm to “move full steam ahead” in the development of its full range.
“We are currently meeting with buyers and the initial noises are incredibly positive,” continued Shepherd.
“The goal is a trade launch in March, followed by a national rollout in supermarkets across the UK over the course of the year. That’s an exciting launch and one which will place Hooba among the biggest plant-based protein products in the market.”
In January of this year, MYCO hosted an independent taste and organoleptic benchmarking session at its production site, plant-based manufacturers Linda McCartney, Beyond and Plant Pioneers in attendance.
Following the session, the Hooba burger was judged to have the best texture and mouthfeel, while guests also said it was the product they’d most likely buy.
“The feedback confirmed our belief that this is a special product that can disrupt the plant-based market,” said MYCO CEO David Wood.
“And the fact it beat some of the most established plant-based brands in Britain for texture and taste shows that it is the total package, and coupled with its unmatched eco-credentials, everyone at MYCO is confident that it will keep going from success to success.”
In other news, food and non-alcoholic beverage prices fell during January 2024, the first monthly decline in more than two years.
