Ambra Capital, InvestPro, Bpifrance Amorçage Industriel, Nordzucker and Tereos join Maash as shareholders, bringing industrial know-how, market access and strategic support.
Beglian biotech company Maash hopes to position itself as a European leader in mycoprotein by combining its founders’ fermentation expertise with a focus on competitive capital investment and production costs. The new financing package includes €5.85 million in equity from the five new investors (French Ambra Capital, Bpifrance and Tereos, and Nordzucker from Germany), €4.3 million in support from Bpifrance through its Premiére Usine programme (supported by France 2030), as well as a €2 million Bpifrance loan through its Prêt d’Amorçage Investissement.
The funding will subsidise the launch of Maash’s new demonstration plant in Carling-Saint-Avold, France, two years after the company first acquired the former metabolic explorer site. “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 development,” shares co-founder and MD, Gaspard Gilbert. It enables the company to scale up to a 10,000-ton annual production capacity.
Kumulus Partners acted as exclusive financial adviser to Maash on the equity fundraise.
Beyond capital, the new shareholders also bring industrial know-how, market access and strategic support. Bpifrance Amorçage Industriel said in a statement it is convinced the reindustrialisation of Europe will involve the emergence of new industrial sectors capable of sustainably producing the strategic ingredients of tomorrow, which is why it believes in this backing. “Maash perfectly illustrates this ambition by combining biotechnological innovation, industrial tools and a vision of scaling up,” the company comments.
Now, Maash’s attention turns to execution. “I am delighted by this new round of investment and by the combined experience of everyone involved,” says Frédéric van Gansberhe, Maash co-founder and chairman:
“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.”
This includes the appointment of CEO Samah Garringer in September 2026. “It’s an incredible time to join the team,” she points out. With more than 25 years of international experience spanning food, ingredients, nutrition and industrial scale-up, Samah is well-versed in this space. “Mycoprotein is a highly versatile ingredient that is rich in protein and fibre. It can be efficiently produced with fermentation, anywhere – without the need for arable land. In today’s climate, it’s needed more than ever. I look forward to working with the talented MAASH team to bring this ingredient to market.”
Gaspard will continue to serve as the company’s acting CFO, but will also turn his focus toward commercial development and strategic partnerships. “Today, with a strengthened leadership team, committed investors, strong industrial partners and the resources needed to execute our plans, I believe we have all the ingredients in place for the next chapter,” he concludes.
