Four fungi were cultivated in submerged (SF) and solid state fermentation (SSF) using sugar beet pulp and beet molasses as substrates. Products of up to 27% protein content were obtained in SF of beet pulp. The cultures grew well in diluted molasses solutions of 3-4% sugar concentration under SF and biomass containing 32% protein was produced. Sugar beet pulp could be upgraded to a product of 31% protein level with 49% product recovery in SSF of 5 days using a spore inoculum; whereas upgrading of 33.8% protein could be achieved in SSF of 3 days using a mycelial pre-culture prepared in a molasses medium.