A new step in scale-up mode: this is what the Riviera agritech has undertaken Mycophyto with its micro magic mushrooms which fertilize the soil. This step is linked to a large-scale fundraising effort which began to materialize at the beginning of the summer for an amount of €5 million and will continue in 2025 for a total amount which could range from €10 to €20 million. In addition to this ongoing fundraising, there is €2 million in aid that the State has just granted as part of the call for projects “Resilience and agri-food capacities 2030”. This is aid in the form of a grant and repayable advance which relates to the MycoFab platform project of €7.3 million and which aims to accelerate the growth of Mycophyto and strengthen its attractiveness in the agri-food. (Photo DR: the two co-founders of Mycophyto, from left to right Christine Poncet and Justine Lipuma).
MycoFab, a platform that can be deployed internationally
“After the successful implementation of a 1,200 m2 pilot farm, the MycoFab project aims to take a new step,” explain Pierre Tholozanindustrial director. “Our technological platform project includes a biobank, an internal production farm, a processing warehouse and a quality control laboratory (more than 4,500m2 in total). These Mycophyto units, true extensions of our platform, can be deployed during our prospecting in France and internationally according to needs and to respond to strong commercial traction.”
An Export strategy planned for 2025-2030
Well established at Grasse Biotech and Sophia Antipolis in the new Inrae lab, agritech is now accelerating to deploy its solution on a large scale. It has already initiated its industrialization with an increase in its production capacities from 700 to 1,200 m2 of greenhouse, has optimized the rate of its production, validated the impacts of its solutions on more than 45 customers and has already signed very attractive contracts in 2024. It has also planned an export strategy for 2025-2030 to market its products on the Morocco, Belgium, Spain, Tunisia and Holland.
A series A fundraising round to give yourself the means
The fundraising aims to give it the means to execute this flight plan. After two first fundraisings (€1.4 million in 2019 and €4.15 million at the end of 2022) which made it possible to prepare for industrialization, Mycophyto achieved a Intermediate pre-round of nearly €5 million in June 2024 which must open with a “series A” in 2025 in order to begin commercial acceleration. In this Pre Tour in OC (Convertible Bonds), historical investors like the Crédit Agricole group renewed their confidence.
Other French investors like BPIfrance (French Tech Seed Fund managed on behalf of the State by Bpifrance as part of France 2030) or Chanel arrived as well as international investors like NOSHAQa Liège fund (Belgium) which invests in avant-garde agritech projects, or CDG INVESTinvestment branch of Caisse de Dépôt et de Gestion du Maroc, which invests in startups with high growth potential with a strategic vision of development and expansion in the Moroccan market. Mycophyto also benefited from the investment of the CASE 2ia dedicated subsidiary of CECAZ and the support of Banque Populaire.
Become an industry leader
“Through their trust, they allow us to launch a Series A fundraising campaign for 2025 in order to begin our international commercial acceleration and respond to the strong demand for innovative solutions to adapt to climate change and increase productivity“, underlines Justine Flag. “Thanks to our capacity for innovation and growth, we can confirm our essential and leading position. Our ambition is more than ever to become a leader in our sector.”
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