Maia Farms, a Vancouver-based B2B producer of mycoprotein, has raised CAD 2.3 million (~USD 1.7 million) in pre-seed funding co-led by Joyful Ventures, PIC Investing Group, and Koan Capital. Additionally, the company secured grant funding totaling over CAD 2 million (~USD 1.5 million) from several institutions.

Maia Farms plans to use the fresh capital to enhance R&D activities, expand its operations, and broaden its market reach.

Maia Farms, founded in 2021, develops mycoprotein via biomass fermentation and advanced bioreactor technology. Its flagship product, CanPro, is a textured protein ingredient with multiple applications, including alternative meats, protein bars, snacks, and more.

Analyst QuickTake: Mycoprotein is often used in alternative protein applications as it provides a more meat-like texture than other alternatives like soy or pea protein. Notable companies in this space include Mycorena , Nosh Biofoods , ENOUGH , The Protein Brewery , and The Better Meat Co .