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Start-ups

Novo invests in fungi firms to replace animal products

by Melody M. Bomgardner
November 21, 2020 | A version of this story appeared in Volume 98, Issue 45
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Novo Holdings, the controlling owner of Novo Nordisk and Novozymes, has invested in two start-ups that are using fungi to make animal-free products. It led a first round of funding for The Protein Brewery, a Dutch firm working to scale up production of Fermotein, a fungal protein that can be used in meat alternatives, baked goods, and dairy products. Novo also participated in a $45 million series B funding for MycoWorks, a San Francisco–based developer of luxury leather from the mycelium of reishi mushrooms.

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