Brussels-based fermentation specialist MAASH has successfully secured a €12.15 million financing package to advance its mycoprotein production capabilities. This significant capital injection is coupled with a strategic leadership change, appointing industry veteran Samah Garringer as its future Chief Executive Officer. The funding will accelerate the company's transition from development to industrial-scale manufacturing of its sustainable food ingredients.
Strategic Financing for Industrial Scale-Up
The comprehensive funding package combines a €5.85 million equity investment with significant public financing. Five new investors have joined the equity round, including Ambra Capital, InvestPro, Bpifrance Amorçage Industriel, and major sugar producers Nordzucker and Tereos. This private investment is complemented by €6.3 million in support from Bpifrance, provided through its Première Usine and Prêt d’Amorçage Investissement programs.
These newly acquired resources are earmarked for the launch of MAASH's 12 m³ demonstration plant in Carling-Saint-Avold, France. This facility represents a critical step in the company's ambitious plan to scale its operations significantly. The demonstration plant will serve as the foundation for achieving a future industrial capacity of 10,000 tons of mycoprotein annually.
A Pragmatic Approach to Production
MAASH is advancing its industrial ambitions by leveraging existing infrastructure, a strategy solidified by its acquisition of the former Metabolic Explorer site two years ago. This move provides the company with a solid industrial base, shortening its path to large-scale production by avoiding the need to build from scratch. Co-founder Gaspard Gilbert noted that this financing marks the moment they can move from preparation to industrial deployment.
The company's flagship product, LoCylia™, is a fermentation-derived mycoprotein positioned as a B2B ingredient for the food industry. It is designed to enhance food products by reducing meat content or creating entirely new vegan and vegetarian options. MAASH aims to differentiate itself in the competitive alternative protein market through industrial discipline and a cost-effective production model.
Strengthened Leadership for Commercial Growth
To steer its next phase of development, MAASH has appointed Samah Garringer as its incoming CEO, effective September 2026. Garringer brings over 25 years of international experience in the food, ingredients, and nutrition sectors, with a proven track record in industrial scale-ups. Her previous executive roles at DSM, Avril Group, and mycoprotein producer ENOUGH Foods make her ideally suited to lead MAASH's commercial rollout.
This appointment initiates a strategic leadership transition within the company. Co-founder and current Managing Director, Gaspard Gilbert, will assume the role of Chief Commercial Officer to lead strategic partnerships, while also serving as acting Chief Financial Officer. Co-founder Frédéric Van Gansberghe will continue in his role as Chairman of the board, ensuring leadership continuity.
The new leadership structure has been met with enthusiasm, with Garringer expressing her excitement to join at such a pivotal moment. Van Gansberghe highlighted that her appointment is a "major asset" for future success. This strategic alignment of capital, resources, and experienced leadership is designed to give MAASH the capabilities it needs to scale effectively.
This dual announcement of substantial funding and a reinforced leadership team marks a significant milestone for MAASH. The company is now well-equipped to execute its industrial strategy and accelerate its commercial activities in the growing alternative protein sector. With a clear path forward, MAASH is poised to become a leading European supplier of sustainable, high-quality mycoprotein ingredients.