Belgian fermentation company MAASH has successfully secured a financing package totaling €12.15 million to facilitate the industrial scale-up of its mycoprotein ingredient. The company has also appointed Samah Garringer as its new chief executive officer, effective September 2026.
Funding Breakdown
The financing package consists of €5.85 million raised from equity investors, complemented by public financing initiatives. Five new investors have joined this equity round, including Ambra Capital, InvestPro, Bpifrance Amorçage Industriel, along with sugar producers Nordzucker and Tereos. Additionally, €4.3 million has been secured from Bpifrance through its Première Usine program, which is part of France 2030, alongside a €2 million loan under the Prêt d’Amorçage Investissement scheme.
Infrastructure for Success
The funds will be allocated to the establishment of a 12 m³ demonstration plant located in Carling-Saint-Avold, situated in France’s Moselle department. MAASH acquired this site from Metex Noovista in July 2024. This facility is being prepared to support an ambitious goal of producing 10,000 tons of mycoprotein annually.
Strategic Acquisition Rationale
Founded in 2021 in Brussels, MAASH specializes in producing LoCylia, a mycoprotein derived from submerged fermentation, primarily targeted as a B2B ingredient for meat alternatives and other food products. The acquisition of the Carling facility enables MAASH to leverage existing fermentation infrastructure, significantly expediting its path to industrial production.
The investor consortium not only provides financial backing but also strategic advantages. Tereos, a French agricultural cooperative, will supply fermentation substrates and technical support, while Nordzucker’s participation connects MAASH to major beet-sugar producers in Europe, which is particularly relevant as the fermentation process utilized by MAASH converts sugar into protein.
New Leadership Dynamics
Samah Garringer joins MAASH with over 25 years of experience in food, ingredients, nutrition, and industrial scale-up. Her previous executive roles include positions at DSM, Avril Group, and ENOUGH Foods, where she notably led the commercialization of CanolaPRO, a canola protein isolate.
With Garringer’s appointment, the leadership structure within MAASH is evolving. Co-founder Gaspard Gilbert, who has been serving as managing director, will transition to the role of chief commercial officer while also acting as chief financial officer. Co-founder Frédéric Van Gansberghe will continue to serve as chairman of the board.
Vision for the Future
Van Gansberghe expressed optimism regarding the new partnerships and leadership, stating, “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.”
Gilbert elaborated on the significance of acquiring the Metex site, noting, “This gave us an industrial base. Over the past two years, we have worked to turn that base into a credible and executable project. This financing marks an important step in that journey: we now have the partners, resources, and leadership in place to move from preparation to industrial deployment.”
Conclusion
MAASH’s recent funding acquisition and leadership transition mark a pivotal moment in the company’s trajectory toward industrial-scale production of mycoprotein. With a solid infrastructure, strategic partnerships, and experienced leadership, MAASH is well-positioned to capitalize on the growing demand for sustainable protein sources.
- Key Takeaways:
- MAASH raised €12.15 million for mycoprotein scale-up.
- Samah Garringer appointed as CEO with extensive industry experience.
- New partnerships enhance technical and commercial capabilities.
- The acquisition of Carling facility accelerates production plans.
- MAASH aims for a production capacity of 10,000 tons annually.
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