Horizon Technology Finance closed a $15 million venture loan facility for MyForest Foods, of which Horizon funded $7.5 million, and a private investment vehicle managed by Horizon Technology Finance Management, Horizon’s advisor, funded $7.5 million.
MyForest Foods produces sustainable, meat alternative products using mycelium, or the roots of mushrooms, which allows for foods to be whole-cut – a distinct advantage when creating alternative foods. The first product from MyForest Foods is a bacon alternative, MyBacon, that offers all the taste, crunch and sizzle of pork bacon, but made from just six ingredients.
MyForest Foods is backed by prominent firms such as Viking Global Investors and AiiM Partners, and will use the loan proceeds for growth and working capital purposes.
“MyForest Foods is changing the game for alternative foods,” Gerald A. Michaud, president of Horizon, said. “We believe the success of MyBacon is just the beginning for MyForest Foods, as offering a true alternative to whole cuts of meat will open up an entirely new and massive market opportunity to provide consumers with healthier and tastier plant-based food options. We are excited to partner with and support MyForest Foods’ growth plans.”
“We are only scratching the surface of the mycelium process with MyBacon,” Eben Bayer, founder and CEO of MyForest Foods, said. “We have successfully recreated the multi-sensory experience of eating a whole cut of meat with MyBacon, unlike other plant-based alternatives that are forced to process and shape their meat. The difference is truly striking, and consumers have overwhelmingly responded positively to MyBacon. Horizon’s support will enable us to further develop additional products and create an entire new category of whole-cut plant-based foods.”
