Brussels-based MAASH raises €12.15M to scale mycoprotein production
Brussels-based fermentation company MAASH, which develops and produces mycoproteins for the food industry, has secured a €12.15 million funding package combining equity investment and public financing.
The package includes a €5.85 million equity investment from new investors Ambra Capital, InvestPro, Bpifrance, Amorçage Industriel, Nordzucker, and Tereos. MAASH will also receive €4.3 million in funding from Bpifrance through its Première Usine programme, along with a €2 million Bpifrance loan under the Prêt d’Amorçage Investissement programme, supported by France 2030.
Frédéric Van Gansberghe, co-founder and Chairman of the board, said, “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.”
Founded in 2021 by Frédéric Van Gansberghe and Gaspard Gilbert, MAASH is a biotech startup developing mycoprotein as a sustainable ingredient for the food industry.
The company uses controlled fermentation processes, adjusting factors such as temperature, pH, and oxygen levels to achieve high yields while maintaining the mycoprotein’s functional and sensory properties. MAASH works with food companies to improve existing products by adding its mycoprotein, reducing meat content by 10% to 30%, or creating vegan and vegetarian alternatives.
Through LoCylia™, its fermentation-based mycoprotein, MAASH aims to establish itself as a B2B ingredient supplier for the food industry.
The company has also moved from product development into the execution phase, two years after acquiring the former Metabolic Explorer site in Carling-Saint-Avold. The facility is expected to support the company’s next stage of growth and production.
MAASH has also appointed Samah Garringer as its new CEO, who will join the company in September 2026. Garringer brings more than 25 years of international experience across the food, ingredients, nutrition, and industrial scale-up sectors. She has previously held senior executive positions at DSM, Avril Group, and ENOUGH Foods.
Samah Garringer, incoming CEO, said, “I am thrilled to join MAASH at this pivotal moment. Together with the team and our new partners, we will deliver the pre-industrial project, accelerate commercial rollout and build a resilient, cost-competitive platform to bring nutritious, sustainable mycoprotein to market at scale.”
As part of the transition, MAASH co-founder and current Managing Director Gaspard Gilbert will become Chief Commercial Officer, where he will oversee commercial relationships and strategic partnerships while also serving as acting Chief Financial Officer.
Gilbert said, “Acquiring the former Metex site 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. The appointment of Samah Garringer as CEO reflects the same ambition – giving MAASH the industrial, human and commercial capabilities it needs to scale.”
The funding will help MAASH launch its 12 m³ demonstration plant in Carling-Saint-Avold, France, while preparing the company to scale production to 10,000 tonnes per year.