ABN AMRO's sustainable impact fund has led an €18m Series B extension into The Protein Brewery.
The Dutch startup makes Fermotein, a mycelium powder produced via biomass fermentation.
The round was joined by existing backers Invest-NL, Novo Holdings, Madeli, and the Brabant Development Agency.
The Protein Brewery grows its ingredient from Rhizomucor pusillus mycelium under non-sterile conditions, which the company says structurally lowers capital and operating costs compared to rival biotech fermentation approaches.
Ugur Yuksel, investment manager at ABN AMRO's sustainable impact fund, said the startup fit the fund's profile precisely.
"The Protein Brewery has successfully translated strong scientific foundations into a robust industrial-scale production process and a growing commercial business," he said in a statement.
CEO Thijs Bosch says the economics improve as volumes grow. "Our unit economics improve materially as we scale through our planned capacity build-out," he told AgFunderNews.
The proceeds will fund the expansion of its facility in the Dutch city of Breda to more than 2,000 tonnes by 2029. It will also fund further clinical studies and regulatory filings in Canada, Australia, New Zealand, and India.
The company says it expects to supply 600 metric tonnes in 2027 to meet commitments across Europe, the US, and Singapore.
ABN AMRO's sustainable impact fund holds a €500m commitment funded exclusively by the bank and is one of the largest private impact funds in the Netherlands. It focuses on energy transition, the built environment, and sustainable consumption. The Protein Brewery makes its first investment in alternative proteins.