The London-based firm hopes to use the funds to scale the production of its “ultra-realistic beef steak alternative”, which is made from fungi using its proprietary fermentation process.
The announcement comes just two months after Adamo raised £1.5m, courtesy of pre-seed investment from SFC Capital and grants from Innovate UK under the ‘Better Food for All’ and ‘Novel Low Emission Food Production Systems’ competitions.
In 2022, the firm also secured a £620k ‘Smart Grant’ from Innovate UK.
Adamo is preparing for its first product launch with a limited pilot in the UK, followed by a broader rollout across Europe.
In addition to scaling production, Adamo plans to use the fresh capital to add senior food industry experts to its team and broaden its product range to include steak and chicken breast alternatives.
‘Proprietary process’
Using its proprietary fermentation process, Adamo hopes to disrupt the whole-cut meat alternatives market with a clean label product that features “densely packed fibers of mycelium” which “closely replicate” the muscle structure of whole-cut meat.
Made with five natural ingredients, the steak alternative is high in protein and fibre, has zero cholesterol and produces 93% less greenhouse gas emissions compared to conventional beef.
Commenting on this latest funding round, Adamo founder and CEO Pierre Dupuis said: “This is a pivotal moment for Adamo. We’re thrilled to have such experienced investors with deep foodtech expertise on board. This funding will allow us to scale our production to pilot-scale and bring our clean-label products closer to consumers.”
Meanwhile, co-founder and general partner at Joyful Ventures Milo Runkle, who will join the Adamo board, added: “Adamo Foods represents the future of alternative protein companies. We are excited to support the team in scaling their sustainable and healthy protein alternatives.”
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