Swedish mycoprotein producer Mycorena has raised up to SEK 77 million ($9 million approx.) in a Pre-Series A funding round.
Headquartered in Gothenburg, Sweden, the mycoprotein manufacturer claims to be one of the fastest-growing food tech start-ups in the country.
Mycorena’s flagship ingredient, Promyc, is currently being tested as a protein ingredient in several commercial vegan products.
The company’s latest funding round was led by Belgium-based Veos Group, a supplier of proteins and functional ingredients. The Pre-Series A raise was also backed by existing supporters, including Mycorena shareholders FBG Invest and Bånt, and several new investors.
Mycorena will use the new capital to prepare for ‘rapid commercialisation’ through expansion of its team and research and development capabilities, as well as production scaleup.
The company says that the funds will enable it to kickstart a planned project to construct a new production site in Falkenberg, Sweden. Mycorena claims that the plant will be Scandinavia’s first-of-its-kind facility for large-scale mycoprotein manufacturing.
“Upscaling our product has been in our focus for this year and with the new funding, we will fast track our path to commercialisation of our technology and product,” said Ramkumar Nair, founder and CEO of Mycorena.
Jörgen Hallgren of FBG Invest added: “Sustainable protein is the future of food production, and moving on to demonstrate its large-scale production will take the company much further in its growth.”
© FoodBev Media Ltd 2021
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