MAASH, a Brussels-based scale-up company focused on developing mycoprotein as a sustainable ingredient for the food industry, has secured EU€12.15 million in combined equity investment and public financing. The resources will help to advance its mycoprotein production plans and prepare for industrial-scale operations in France.
The funding will also support the launch of a 12 m³ demonstration plant in Carling-Saint-Avold and preparations to reach 10,000 tonnes of annual industrial production.
The financing includes an EU€5.85 million equity investment from five new investors: Ambra Capital, InvestPro, Bpifrance Amorçage Industriel, Nordzucker and Tereos. Bpifrance is also providing EU€4.3 million through its Première Usine programme, supported by France 2030, alongside an EU€2 million loan through its Prêt d’Amorçage Investissement programme.
The new shareholders also bring industrial expertise, market access and strategic support as the company moves towards commercial scale.
The investment marks a new phase for MAASH, two years after the company acquired the former Metabolic Explorer site in Carling-Saint-Avold. The company said it is moving from project development towards execution with LoCylia, its fermentation-derived mycoprotein. MAASH describes the ingredient as high in protein and fibre and designed for scalable food applications.
The company has also strengthened its leadership. Samah Garringer joins as CEO in September 2026. She brings more than 25 years of international experience across food, ingredients, nutrition and industrial scale-up, including executive roles at DSM, Avril Group and ENOUGH Foods.
Managing Director and co-founder Gaspard Gilbert becomes Chief Commercial Officer and Acting Chief Finance Officer. He will focus on commercial relationships and strategic partnerships as MAASH moves towards industrial deployment.
Frédéric VAN GANSBERGHE, Co-founder & Chairman of the board, said, “Our industrial fermentation experience, combined with the arrival of our new partners, will allow us to move quickly through our technical and commercial scale-up. Samah Garringer’s appointment as CEO is a major asset, bringing all the relevant experience needed for success in the coming years. I am delighted by this new round of investment and by the combined experience of everyone involved.”
“I am thrilled to join MAASH at this pivotal moment. Together with the team and our new partners, we will deliver the pre-industrial project, accelerate commercial rollout and build a resilient, cost-competitive platform to bring nutritious, sustainable mycoprotein to market at scale,” said Samah GARRINGER, incoming CEO.
