Ecovative's MyForest Foods Secures $11M to Scale Up Mycelium Bacon Amid Rapid Growth
- marc89908
- 1 day ago
- 2 min read
New York-based mycelium innovator Ecovative, through its spinout company MyForest Foods, recently secured $11 million in funding to rapidly scale its flagship product, MyBacon. This investment brings Ecovative's total raised funds to $156 million since 2019, with $82 million specifically channelled into MyForest Foods.
This recent funding round was primarily led by existing investors, complemented by a $1.7 million grant and loan from the Advance Albany County Alliance. According to founder and CEO Eben Bayer, the fresh capital will be dedicated to enhancing MyBacon's production capacity, expanding their workforce, and entering new markets—including launching whole-cut mycelium products and penetrating the foodservice industry.
Central to MyForest Foods’ growth is Ecovative’s proprietary AirMycelium technology. This innovative platform employs vertical farming methods to produce mushroom mycelium at industrial scale, achieving impressive yields of around three million square feet of mycelium-based protein annually from just one acre of farmland. Ecovative positions itself uniquely by cultivating organic oyster mushroom mycelium to create meat-like textures naturally, bypassing the heavy processing and long ingredient lists typical of competitors.
MyBacon’s market success is evident: it has quickly become the fastest-selling plant-based breakfast product in natural retail channels, boasting three times the average sales velocity compared to similar products. The product is stocked in over 1,200 retail locations, including Whole Foods, Erewhon, Fresh Direct, and several direct-to-consumer platforms such as Hungryroot and Purple Carrot.
Bayer attributes MyBacon’s market leadership to its straightforward composition—gourmet mycelium slabs minimally processed with salt, sugar, smoke flavour, and coconut oil. This simple, whole-food approach has enabled MyForest Foods to differentiate itself amid growing consumer concerns about ultra-processed foods.
Additionally, MyForest Foods plans to introduce a new shredded mycelium format designed for broader culinary uses, having received positive preliminary feedback from chefs on its versatility and flavour absorption. The recent FABI award from the National Restaurant Association further validates the product’s potential as MyForest Foods prepares to enter the foodservice sector.
Strategically, the company recently completed a significant expansion of its packaging facility at its Green Island headquarters, tripling its production capacity. Furthermore, a dedicated Food Science Lab is set to open, facilitating the development of additional whole-cut mycelium products.
Despite challenging market conditions and decreased investor interest in the broader alternative protein sector, Ecovative continues to attract significant investment. Bayer believes this resilience stems from MyForest Foods' realistic business model, efficient use of capital, and clear market validation. The company remains focused on scaling production, expanding nationwide retail presence, and launching innovative mycelium-based products to solidify its leadership in sustainable alternative proteins.