German plant-based food business Infinite Roots has announced a partnership with South Korean manufacturer Pulmuone.
The two companies said their shared goal with the deal is “to develop innovative protein products for the South Korean market, tailored to the local consumers’ preferences".
They said they will evaluate market potential and customer acceptance through consumer research and retail tests in selected channels in South Korea.
Infinite Roots, a Hamburg-based food-tech business that develops mycelium-based meat replacement products, said the partnerships allows for the bringing together of its advanced technology in alternative-protein production with Pulmuone's product development expertise.
The two food businesses plan to expand their collaboration further following a successful test phase, Infinite Roots said in a statement.
Dr. Mazen Rizk, CEO of Infinite Roots said: “The partnership is a significant step in [the company’s] mission to offer sustainable and tasty nutrition options - in this case, focusing on the culinary traditions and taste preferences in South Korea”.
Rizk said Pulmuone is a business with “such market power and an equally visionary mindset”.
He added: "Pulmuone's outstanding expertise in the food industry and our innovative approach to product development complement each other perfectly to set new standards in alternative nutrition.”
Kim Jin Hong, CEO of Pulmuone Foods, said the deal will see the companies “develop products that are not only environmentally friendly but also meet the high expectations of our customers.”
He added: “This partnership is proof of [Pulmuone’] commitment to revolutionising the food industry and shaping a more sustainable future."
In January, Infinite Roots attracted investment from a consortium that includes the holding company of Germany-based confectionery maker Haribo.
REWE Group, a major food retailer in Germany with a wide scope of other business interests, also joined the $58m Series B round in the business which previously traded as Mushlabs.
Pulmuone was founded in 1981 as a grocery shop in Seoul before becoming a food producer. The business has approximately 60 employees.
Mycelium is a protein derived from the root structure of fungi, typically mushrooms. It is increasingly used in plant-based food applications.
