May 2, 2024

By Lynda Kiernan-Stone, Global AgInvesting Media

Vancouver-based food tech company Maia Farms has secured $2.3 million in Pre-Seed funding in the form of private capital and matching grant funding to support their goal of transforming the global protein supply with mycelium.  

Led by a trio of investors: California-based Joyful Ventures, Saskatchewan-based PIC Group, and Alberta-based Koan Capital, this funding, which was also supported by investments from angel investors within the Creation Destruction Lab, marks a significant benchmark in the company’s mission to provide superior, globally accessible protein and to redefine how we all approach protein production. 

In addition to equity investments, Maia Farms also secured critical grant funding from five institutions: the Canadian Food Innovation Network, the National Research Council of Canada, The SFU BC Centre for Agritech Innovation, MITACS, and the Canadian Space Agency, bringing its total fundraise to more than $2 million. 

“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,” said Gavin Schneider, CEO and co-founder, Maia Farms. 

“This funding not only validates our fermentation approach but also strengthens our capacity to make a meaningful impact. We’re excited to push the boundaries of what’s possible in the food sector and to lead the way towards a more sustainable and nourishing future.”

This announcement comes only weeks after Maia Farms and its team partner Ecoation won the grand prize in the Deep Space Food Challenge hosted by the Canadian Space Agency and Impact Canada in collaboration with NASA. 

Together, the partners were awarded C$380,000 (US$276,938) for their innovative CANGrow Technology – a modern engineering unit designed to feed astronauts – and Maia Farms’ landmark mycelium protein ingredient CanPro™, a mycelium-based ingredient with five-and-half times the iron of beef that is produced using one-tenth the landmass.

At just the size of a wardrobe, CANGrow has the ability to produce over 700 kilograms of food annually, and is specifically designed to sustainably provide a diet that meets the nutritional needs of four individuals. Each unit contains five grow chambers: four dedicated to plant growth, including adjustable LED lights for precise photosynthesis and a UV-treated hydroponic system for efficient watering; and a fifth chamber where Maia Farms’ high-protein mycelium is grown via a bioreactor system. 

“In order to create a self-sustaining system that meets astronauts dietary and nutritional needs, we needed to crack the code on a protein that offered the taste, texture, and performance of an animal-derived protein. CanPro™ is our answer: not only is it easily digestible, it has a neutral taste and chews like meat,” said Schneider. 

“It’s been an incredible honor to lead the Ecoation and Maia team over the finish line and ultimately win a very challenging competition. Thank you to the Canadian Space Agency for supporting our work for the past three years.” 

With this new funding, Maia Farms stated that it’s poised to accelerate its R&D activities, scale up its operations, and extend its reach for its award-winning CanPro™, adding that to gain such support from a diverse and committed group of investors, organizations, and partners is indicative of a shared belief in the company’s vision to fundamentally shift the protein landscape. 

“We are proud to announce our investment in Maia Farms, as their mission perfectly fits our investment thesis,” said Jennifer Stojkovic, general partner and co-founder, Joyful Ventures.

“Not only were we impressed by Maia’s mycelium protein, but we especially resonated with the scalability and viability of their technological innovations. 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.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and Agtech Intel News. She can be reached at lkiernan-stone@globalaginvesting.com.

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