MyForest Foods Co. announced it has raised $15 million in Series A-2 funding to support its next chapter of growth and further bring its hero product, MyBacon, to more consumers across the East Coast. The round was led by MyForest Foods’ parent company, Ecovative Design.
The majority of the proceeds will be used to support MyForest Foods’ retail growth and foodservice presence as it expands its footprint across the Eastern Seaboard, including New York City. The company’s popular mycelium-based meatless bacon product, MyBacon, is now commercially available at multiple Fairway Market and Gourmet Garage store locations throughout Manhattan. These additions mark a new milestone; MyBacon is now available in over 100 retail locations across the Northeast.
To support the company during this crucial growth period and into the future, MyForest Foods has hired Greg Shewchuk as its new chief executive officer, effective immediately. Eben Bayer, the company’s co-founder and former CEO, will remain chairman of the board and continue to support the team’s continued operational expansion. He will remain CEO of Ecovative, which continues developing and scaling uniquely enabled mycelium products to meet everyday needs.
Shewchuk most recently served as CEO of the food allergy prevention company SpoonfulONE, which Nestlé acquired in late 2022. He is an active member of the Board of Advisors for Gemic, a global growth strategy firm, in a position he has held since 2019. Shewchuk previously held senior leadership positions at Campbell Soup Company, Mead Johnson Nutrition, Mondelēz International, Cadburys Schweppes PLC, and Unilever.
The demand for MyForest Foods’ unique mycelium-based offerings is driven by consumer satisfaction with its tasty products and eco-friendly mission. MyBacon’s production process uses a fraction of the land, water, and carbon required for conventional pork production. The application of AirMycelium™ farming technology produces a plant-based whole-cut product, filling a significant market gap and bolstering a new industry category. MyForest Foods’ state-of-the-art mycelium farm, Swersey Silos, has rapidly scaled production since opening its doors in July, 2022. The team is also in the process of launching a second farm in Canada with Whitecrest Mushrooms Ltd.
