Scandinavian mycoprotein startup Mycorena AB has announced the completion of its Pre-Series A funding round, raising over $9 million. The funding represents one of the largest-ever investments in a Nordic vegan food-tech company and takes its total investment close to $12 million.
Founded in 2017, Mycorena has grown its flagship mycoprotein ingredient Promyc, which is already being tested as a protein ingredient in several commercial vegan products sold in Scandinavia. With the ultimate aim of replacing animal-based protein, the sustainable ingredient is developed by upcycling food waste in industrial processing such as bread dough from bakeries. With the closing of this investment round, the project to build a large-scale Promyc production capacity can now be fully kickstarted.
In 2020 the Gothenburg-based startup raised over €1.2 million to fund the scaling of its novel fungi-based protein ingredient, and with this latest considerable funding raise Mycorena is set to become one of the global leading manufacturers of mycoprotein and one of the fast-growing food-tech start-ups in Sweden.
Mycoprotein is a form of single-cell protein, also known as fungal protein, derived from fungi for human consumption. Research has shown that producing mycoproteins does not create pollutants or emissions, generates 10 times less greenhouse gas emissions compared to beef, uses up 20 times less water, and 23 times less land than livestock farming.
“The capital will primarily be used to prepare the company for rapid commercialization through aggressive expansion of its team, R&D and IP capabilities, and production scaleup“, explained Ramkumar Nair, Founder and CEO of Mycorena.
“I strongly believe in the prospects of Mycorena and feel very excited to be able to continue supporting a great team with a great product in an extremely attractive global market”, added Sverker Forsén of investor Bånt AB.