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A Berlin food startup has filed for bankruptcy in Germany. The company sees its future in another country.
Berlin – The food start-up Bosque Foods, based in Berlin and New York, has run into financial difficulties. On September 6th, the Charlottenburg District Court ordered provisional insolvency administration over the company’s assets. Attorney Torsten Martini was appointed as the provisional insolvency administrator.
Food start-up Bosque Foods files for bankruptcy: its first product is scheduled to come onto the market this year
Bosque Foods is working on meat substitutes made from mycoproteins obtained from mushrooms. The aim was to create plant-based alternatives to chicken and pork fillets, which would be sold as branded products through grocery stores and restaurants.
Vegan meat is becoming more popular among consumers. © Bihlmayerfotografie/Imago
The company, founded in 2020, wanted to bring its first product onto the market in Germany this year. But this project is now at risk. Bosque Foods had to file for bankruptcy because the start-up, according to a report by Food newspaper should have difficulty finding new investors.
Food start-up Bosque Foods files for bankruptcy: focusing on the US market
But it doesn’t seem to be the complete end for the company, as can be seen in a statement from Isabella Iglesias-Musachio, founder and CEO of Bosque Foods, to the Food newspaper emerges. Accordingly, the German branch will be closed in order to pool resources and prepare for market entry in the USA.
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Food start-up Bosque Foods files for bankruptcy: company received government funding
Bosque Foods has received government funding to develop its products. Last year, 460,000 euros were donated. In June of this year, a further 171,000 euros were added from the federal program to promote research, innovation and technology.
Bosque Foods also completed a financing round of around three million euros in June 2022. Investors included Foodlabs, Blue Horizon and Happiness Capital.
Start-ups in the food sector repeatedly go bankrupt. Most recently, Alife Foods, which worked on a hybrid product of cultured meat and plant proteins, went bankrupt.
