Lantmännen Cerealia, the Swedish agricultural giant, is entering into a partnership with mycelium-based protein food tech Mycorena. With the stated ambition of developing future mycoprotein foods for the Nordic market, the strategic venture will focus on upcycling food waste to create fungi-based protein sources and ingredients.
“Their farm-to-table value chain, knowledge, network and well-known brands are hugely valuable to us”
Lantmännen – Swedish for “the farmers” – is a Swedish agricultural cooperative owned by over 19,000 Swedish farmers with operations in over 20 countries and an annual turnover of over €4.5 billion. The cooperative owns several food brands, such as AXA and Kungsörnen, and after jointly developing prototypes with Mycorena is now looking towards the growing alt protein sector.
Mycorena – a fellow Swedish company – develops mycelium-based protein from upcycled food waste, hence the synergy with Lantmännen as a major producer of Swedish-grown raw materials in the food industry. Mycorena recently closed the largest Nordic Series A funding round in alt protein to date at €24 million ($26.8 million), which is being used to upscale and commercialize Promyc – the food tech’s proprietary alt protein product.
“Developing the way we produce and consume protein is fundamental to Mycorena. It will be tremendously exciting to enter into a deeper collaboration with Lantmännen Cerealia. They represent everything we look for in a potential partner; their farm-to-table value chain, knowledge, network and well-known brands are hugely valuable to us,” stated Ramkumar Nair, Founder & Chief Executive Officer of Mycorena.