Cologne, January 26, 2024 – YPOG advised REWE Group on the $58 million Series B financing round of the foodtech company Infinite Roots. The round was led by Dr. Hans Riegel Holding (HRH), one of the two companies of the Haribo Group, with the support of the EIC Fund, an initiative of the European Commission to make direct equity investments in highly innovative start-ups and SMEs in Europe. In addition to the REWE Group, Betagro Ventures and existing investors such as Clay Capital, FoodLabs, Redalpine, Simon Capital and Happiness Capital participated in the round.
The foodtech company was founded in 2018 by Dr. Mazen Rizk under the name Mushlabs. At the end of 2023, the company changed its name to Infinite Roots. The start-up cultivates mushroom roots, known as mycelia, by feeding them with agricultural waste. Fermentation is used to create a protein-rich substrate, which is then processed into meat substitute products such as sausages or patties in the next step.
Infinite Roots intends to use the funds raised to further develop its patented mycelium technologies, expand capacity and launch its first products. This follows the completion of one of the largest investment rounds in mycelium technology in Europe. The company's long-term vision is to play a key role in transforming the global food system by leveraging the diverse applications of mushroom mycelium.
The team led by Johannes Janning has already advised REWE Group on several occasions in the past, including the €42 million financing round of Wingcopter and the investments in Sykell.
Team
Dr. Johannes Janning (Lead, Transactions), Partner, Köln
Nina Ahlert (Transaction), Senior Associate, Köln
Laura Franke (Transaction), Senior Project Lawyer, Köln
Fabian Lünsmann (Transaction), Associate, Köln
Dr. Benedikt Flöter (IP/IT/Data Protection), Associated Partner, Berlin
Dr. Christoph Cordes (IP/IT/Data Protection), Associate, Berlin
The REWE Group in-house team was led by Dr. Ulrich Fleischer (Senior Legal Counsel - M&A and Financing).
About REWE Group
The cooperatively organized REWE Group is one of the leading retail and tourism groups in Germany and Europe. In 2022, the company generated a total external turnover of around € 85 billion. Founded in 1927, REWE Group has 380,000 employees and operates in 21 European countries.
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