This study aimed, for the first time, to determine the nutritional composition, beta-glucan and ergosterol contents, phenolic compound composition, and biological and functional activities of a novel mycoprotein produced through a bioconversion process of Durvillaea spp., a brown seaweed. An untargeted metabolomics approach was employed to screen metabolites and annotate molecules with nutraceutical properties. Two products, each representing a distinct consortia of co-cultured fungi, named Myco 1 and Myco 2, were analysed in this study. These consortia demonstrated superior properties compared to those of Durvillaea spp., showing significant increases in total protein (similar to 238%), amino acids (similar to 219%), and beta-D-glucans (similar to 112%). The protein contains all essential amino acids, a low fatty acid content, and exhibits high antioxidant activity (21.5-25.5 mu mol TE/g). Additionally, Myco 2 exhibited the highest anti-alpha-glucosidase activity (IC50 = 16.5 mg/mL), and Myco 1 exhibited notable anti-lipase activity (IC50 = 10.5 mg/mL). Among the 69 top differentially abundant metabolites screened, 8 nutraceutical compounds were present in relatively high concentrations among the identified mycoproteins. The proteins and polysaccharides in the mycoprotein may play a crucial role in the formation and stabilization of emulsions, identifying it as a potent bioemulsifier. In conclusion, the bioconversion of Durvillaea spp. results in a mycoprotein with high-quality protein, significant nutritional and functional value, and prebiotic and nutraceutical potential due to the production of unique bioactive compounds.