Vancouver-based foodtech startup Maia Farms has closed $2.3 million in pre-seed financing as it looks to expand the production of its mushroom and mycelium-based protein ingredients.
The round was co-led by California-based Joyful Ventures, Saskatchewan-based PIC Group, and Alberta-based Koan Capital. The round also included participation from angel investors within the Creative Destruction Lab.
“We are immensely grateful for the support of our investors and partners, who share our belief that innovative solutions are needed to address the global protein challenge.”
In addition to equity financing, the startup has also raised grant funding from the Canadian Food Innovation Network, the National Research Council of Canada, Simon Fraser University’s BC Centre for Agritech Innovation, MITACS, and the Canadian Space Agency.
Founded in 2021 by CEO Gavin Schneider, Ashton Ostrander, and chief science officer Sean Lacoursire, Maia Farms uses bioreactor technology to produce protein ingredients aimed at improving taste and texture of food products.
The startup’s CanPro product line, which is currently available in commercial volumes across North America, is targeted to food manufacturers and chefs. The ingredient’s protein comes from mycelium—the root structure of a mushroom—and is aimed at meeting the global demand for high-quality, sustainable protein.
“We are immensely grateful for the support of our investors and partners, who share our belief that innovative solutions are needed to address the global protein challenge,” Schneider said in a statement.
According to research conducted by the Oxford Martin School for the World Economic Forum, balancing one’s diet with protein-rich meat alternatives can reduce diet-related mortality by up to five percent and result in reduced environmental impact.
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On its website, the startup claims its CanPro protein has four times more calcium than whole milk, over five times more iron than beef, and is more digestible than plant protein. Maia Farms and another Vancouver-based startup, Ecoation, recently won a grand prize as part of the Deep Space Food Challenge, a competition hosted by NASA and the Canadian Space Agency.
“Not only were we impressed by Maia’s mycelium protein, but we especially resonated with the scalability and viability of their technological innovations,” Jennifer Stojkovic, general partner and co-founder at Joyful Ventures, said in a statement. “Mycelium has a bright future for a more climate-positive, global food system and, as a Canadian, I am thrilled to see Canada become an early leader in this space.”
Maia Farms intends to use its pre-seed funding to ramp up its research and development activities, scale its operations, and further its reach for its CanPro product line.
Feature image courtesy of Haskayne School of Business. Photo by Kelly Hofer.
