The Protein Brewery raises €18M as it weathers FDA setback
What's the deal? Dutch startup The Protein Brewery has raised an €18 million ($20.5 million) Series B extension, led by ABN AMRO Sustainable Impact Fund.
The round drew existing backers Invest-NLDealroom has a profile for this one. Try Dealroom →, Novo HoldingsDealroom has a profile for this one. Try Dealroom →, MadeliDealroom has a profile for this one. Try Dealroom →, and the Brabant Development AgencyDealroom has a profile for this one. Try Dealroom →.
The company makes mycoprotein through biomass fermentation of Rhizomucor pusillus mycelium.
Why now? The funding lands as The Protein Brewery secures approval to sell its mycelium ingredient in the EU.
The capital will expand its Dutch facility to more than 2,000 tons, push sales into Europe in Q3 2026, and fund regulatory bids in Canada, Australia, New Zealand, and India.
What could go wrong? The Food and Drug Administration advised the firm to withdraw its US GRAS (Generally Recognized as Safe) notice in February 2026, citing deficiencies in its application.
A March 2026 FDA letter flagged “significant design flaws in animal studies,” insufficient safety data, and inadequate assessment of compounds with antinutrient properties.
Chief executive officer Thijs Bosch calls it a temporary setback that needs no new studies — just a reworking of how data is presented to match its EU filing.
“We stand behind our process, our strain and our studies,” he said, adding that a pre-submission meeting with the FDA is planned within weeks.
The signal: Now at breakout stage, The Protein Brewery has retained heavyweight backers including Novo Holdings and corporate newcomer ABN AMRO Sustainable Impact Fund despite its US regulatory stumble, a sign that strategic capital still views biomass-fermentation mycoprotein as a long-term bet. With EU approval secured and applications pending in Canada, Australia, New Zealand, and India, the company is hedging its geographic risk while it reworks its American filing.
Read more: AgFunder News
Image credit: The Protein Brewery
