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Foodtech start-up raises EUR 24 million

18 March 2022
Ramkumar Nair, Founder and CEO of Mycorena. Photo: Mycorena
Gothenburg start-up Mycorena has completed a Series A funding round and raised EUR 24 million, approximately SEK 240 million. The funding round was the largest of its kind in the Nordics in the alternative protein space.

“It allows us to invest heavily in both innovation and growth and brings us one step closer to commissioning the production plant,” said Ramkumar Nair, Founder and Chief Executive Officer at Mycorena in a statement.

The company welcomed several new investors, with a significant portion of existing shareholders also doubling down on their commitments. 

A fast growing market for alternative proteins

In the last decade the alternative protein market and investment volumes in foodtech companies has grown globally. Alternative proteins have seen growing interest, in part due to health and sustainability reasons as well as animal welfare. 

Mycorena was founded in late 2017. Since then, it has evolved from a research spin-off into a fast growing and innovative actor within the European alternative protein space.

In 2021, the start-up established a new headquarter and development center in Gothenburg. In late 2021, it broke ground on a new large-scale production plant in Falkenberg, south of Gothenburg, which is set to be operational in early 2023.  

“Thanks to our recent rapid growth and the expansion of the Mycorena Innovation and Development Center, we have been able to scale at a pace that we never thought possible. Funds raised from the current Series A round will be instrumental in elevating our trajectory even further. It allows us to invest heavily in both innovation and growth and, most importantly, bring us one step closer to commissioning the first-of-its-kind and globally unique Promyc Production Plant,” said Ramkumar Nair, Founder and CEO of Mycorena in a press release.

Mycorena produces a fungi-based protein ingredient, Promyc, which is a climate-smart and resource efficient alternative to both meat and traditional plant-based proteins, such as soy and pea.

Iris Öhrn, investment advisor for life science at Business Region Göteborg, has supported Mycorena for several years and provided them with industry knowledge and contacts.

“It has been very rewarding to follow Ramkumar and Mycorena’s journey. There is no doubt that behind every successful company and business there is an entrepreneur with a passion and a clear goal to make a difference; in this case they seek to revolutionize the food industry, mitigate climate change while generating profit and a good return of investment to their shareholders.”

 

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Iris Öhrn 
Investment advisor for life science at Business Region Göteborg
+46313676130 or iris.ohrn@businessregion.se

 

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