Pascual Innoventures invests over $2 million in future food research through Mylkcubator Program

The Mylkcubator ecosystem has already generated a total value of $305 million and has raised $104.5 million in investment.

Madrid, September 26, 2024. Pascual Innoventures, Pascual’s corporate venturing arm, continues to advance research into the future of food, increasing its investment to over $2 million across the first three editions of Mylkcubator, a pioneering program focused on fostering innovation projects in the food sector. In its third edition, Pascual Innoventures has invested in the biotech startup Onego Bio. This U.S.-Finnish company specializes in producing an egg white alternative through precision fermentation.

According to Gabriel Torres Pascual, CEO of Pascual Innoventures, “The Mylkcubator Foodtech ecosystem has already generated a total value of $305 million and raised $104.5 million in investment, underscoring the success and global significance of the program, which we have launched in collaboration with the Foodtech accelerator Eatable Adventures.”

More than Mylk, the new cohort revolutionizing the alternative food Industry

The third edition of the program broadens its scope to include areas such as egg components, coffee, fats, and cocoa, employing alternative approaches that combine various technologies and ingredients. It also focuses on the development of sodium and sweetener substitutes as technological enablers, as well as functional ingredients.

“Our goal is to continue identifying and supporting innovative companies that can offer sustainable solutions to the current challenges in the food sector, while strengthening an ecosystem poised to lead the next generation of food technologies,” highlights Gabriel Torres Pascual.

“The third edition of Mylkcubator reaffirms the significant impact of this program on the global Foodtech ecosystem. Through its investments, Pascual Innoventures exemplifies the industry’s strong commitment to open innovation models that successfully address major challenges in the food sector. At Eatable Adventures, we are proud to drive these collaborations, promoting the adoption of new technologies and facilitating a sustainable and efficient transition towards a more innovative food system,” adds Itziar Ortega, Senior VP of Global Operations at Eatable Adventures.

In this new edition of the program, five startups utilizing cutting-edge technologies have been selected for their potential to make a significant impact in these areas:

• Innomy, a Spanish-Argentinian company, develops global solutions for the food industry using sustainable biotechnological processes based on mushroom mycelium, while upcycling by-products from various industries as raw materials.
• Cultzyme, a Spanish startup, focuses on cutting-edge bioprocesses, driving advancements in cell growth and fermentation. Their innovative and efficient bioreactors integrate hardware for optimized performance.
• Nosh.bio, a German company, specializes in the production of new functional and nutritional proteins derived from the fermentation of natural mushroom biomass.
• California Cultured, a U.S.-based startup, is developing the most innovative plant cell cultivation technologies to create a new, more scalable and sustainable supply of chocolate and coffee for the planet.
• Onego Bio, a U.S.-Finnish company, specializes in producing an egg white alternative through precision fermentation—a breakthrough that reduces contamination risks, enables the creation of animal-free egg-white products, and lowers environmental impact by up to 90%.